gjgm
Well-Known Member
for Cornish Crabbers and Shrimpers. Fond memories of up the Fal, and the putter of their engines on the way to Smugglers Cottage.
I see the company just went bust.
I see the company just went bust.
not power, but always had a soft spot
- Thread starter gjgm
- Start date
volvopaul
Well-Known Member
Oh not another one, itseems this forum is full of reports on companies going bust lately, bet theres more to come.
I see Premier are slashing the price of crankies, what about the dealers who have old stock, our local marina has a new a in never hit the water but built in 2007 34 model at 166k what chance has he of seeing his money back if there are deals like this going around?
I see Premier are slashing the price of crankies, what about the dealers who have old stock, our local marina has a new a in never hit the water but built in 2007 34 model at 166k what chance has he of seeing his money back if there are deals like this going around?
AdeOlly
Well-Known Member
<span style="color:blue"> "The deal was that I would pay creditors an amount of the sale of a factory unit. Then another department of the Inland Revenue came in and demanded money instantly, said Colam today. "The Inland Revenue are b*****ds — and you can quote me on that. They don't take prisoners." </span> /forums/images/graemlins/blush.gif /forums/images/graemlins/blush.gif /forums/images/graemlins/blush.gif
Nice to see the Govt doing their bit... not. Clicky
Nice to see the Govt doing their bit... not. Clicky
sailorman
Well-Known Member
[ QUOTE ]
<span style="color:blue"> "The deal was that I would pay creditors an amount of the sale of a factory unit. Then another department of the Inland Revenue came in and demanded money instantly, said Colam today. "The Inland Revenue are b*****ds — and you can quote me on that. They don't take prisoners." </span> /forums/images/graemlins/blush.gif /forums/images/graemlins/blush.gif /forums/images/graemlins/blush.gif
Nice to see the Govt doing their bit... not. Clicky
[/ QUOTE ]
I wonder wot the RYAs take is on this /forums/images/graemlins/confused.gif
<span style="color:blue"> "The deal was that I would pay creditors an amount of the sale of a factory unit. Then another department of the Inland Revenue came in and demanded money instantly, said Colam today. "The Inland Revenue are b*****ds — and you can quote me on that. They don't take prisoners." </span> /forums/images/graemlins/blush.gif /forums/images/graemlins/blush.gif /forums/images/graemlins/blush.gif
Nice to see the Govt doing their bit... not. Clicky
[/ QUOTE ]
I wonder wot the RYAs take is on this /forums/images/graemlins/confused.gif
gjgm
Well-Known Member
cant see its anything to do with RYA. I do not know the ins and outs, but I think Tax is pretty high up on the creditor hierarchy.
I dont think not paying due tax is much of an option for any company. It sounds as though he was hoping for defered tax payment as a means for resolving a cash flow problem. I doubt that is a role for the tax office, is it, and presumably his banks were not interested in risking their money either.
Anyway, sad to hear of another casualty.
I dont think not paying due tax is much of an option for any company. It sounds as though he was hoping for defered tax payment as a means for resolving a cash flow problem. I doubt that is a role for the tax office, is it, and presumably his banks were not interested in risking their money either.
Anyway, sad to hear of another casualty.
nicho
RIP
[ QUOTE ]
for Cornish Crabbers and Shrimpers. Fond memories of up the Fal, and the putter of their engines on the way to Smugglers Cottage.
I see the company just went bust.
[/ QUOTE ]
That's very sad. One of my first ever boats was a Cornish Cormorant, a lovely little cat rigged sailing dinghy.
for Cornish Crabbers and Shrimpers. Fond memories of up the Fal, and the putter of their engines on the way to Smugglers Cottage.
I see the company just went bust.
[/ QUOTE ]
That's very sad. One of my first ever boats was a Cornish Cormorant, a lovely little cat rigged sailing dinghy.
D
Deleted User YDKXO
Guest
I have some sympathy being a small business owner myself but I don't see why there should be such a fuss about HMRC forcing a company into administration for non payment of PAYE tax or VAT which I guess is what this is about. This is money that a company takes from employees and customers on behalf of HM govt and should be handed over to HMRC. It is not money that the business has earnt and should not be used for working capital or other business expense.
Now you can argue about the principle but the fact is that the business has used money that doesn't belong to it and is akin to tax evasion IMHO
I do also know that HMRC forcing a company into administration is not a step that is taken hastily. I know of one company recently that missed 3 quarters VAT payment and 5 months PAYE and ignored all HMRC correspondence before HMRC took action. Now, some business owners make a lucrative career out of defrauding HMRC in this way and it is quite right that HMRC should come down hard on them
Now you can argue about the principle but the fact is that the business has used money that doesn't belong to it and is akin to tax evasion IMHO
I do also know that HMRC forcing a company into administration is not a step that is taken hastily. I know of one company recently that missed 3 quarters VAT payment and 5 months PAYE and ignored all HMRC correspondence before HMRC took action. Now, some business owners make a lucrative career out of defrauding HMRC in this way and it is quite right that HMRC should come down hard on them
longjohnsilver
Well-Known Member
Mike, where does it say that it's VAT or PAYE that's owed? Could be Corporation Tax which is a different kettle of fish to the other two.
jfm
Well-Known Member
It would be pretty safe to conclude from their filed accounts LJS that they aren't a corporation tax payer. Quite big losses. It's almost certainly PAYE/VAT
longjohnsilver
Well-Known Member
Well if that's the case they are stupid. It's tantamount to spending money which is simply not theirs.
AdeOlly
Well-Known Member
Well, yes you're technically right, but I think most business use money that has to be handed ove to HMRC at some future date. Certainly in businesses I've been involved with this has nearly always been the case. Through the use of cashflow projection the aim has been to have the cash available when it has to be paid. Trouble is a sudden change in the business climate ruins the projections and the cash isn't there, which looks like the case here.
It's all a bit ironic this is announced on a day when Darling is promising £xbn in support for small business. I'm not saying all business should be bailed out, but in the current climate imho the Revenue should give considerable latitude to business in distress, particularly those that have a previous good record. (Not that I know whether these guys do or not). With a business of 20 employees it's not as though they are going to be owing millions, though of course we don't know how much is owed or what it's for.
It's all a bit ironic this is announced on a day when Darling is promising £xbn in support for small business. I'm not saying all business should be bailed out, but in the current climate imho the Revenue should give considerable latitude to business in distress, particularly those that have a previous good record. (Not that I know whether these guys do or not). With a business of 20 employees it's not as though they are going to be owing millions, though of course we don't know how much is owed or what it's for.
D
Deleted User YDKXO
Guest
Yes I know, AdeOlly, doubtless we've all robbed Peter to pay Paul at some stage in our business careers. As I say I would be very surprised if HMRC hadn't given this business some considerable latitude before putting them into administration
In any case, it's probably for the best that the owner buys the assets from the receiver and starts up again, even if it's painful at the time
In any case, it's probably for the best that the owner buys the assets from the receiver and starts up again, even if it's painful at the time
whisper
Well-Known Member
Yes, very sad as they are lovely little boats with lots of character.
They seem to be very popular, so perhaps someone else will produce them again, in due course.
They seem to be very popular, so perhaps someone else will produce them again, in due course.
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Select Yacht Group also built (for a while) the Cornish Diva and the Landau 20 and 29. They were not just sail boat builders.
I assume someone will buy up the rights to the designs and start again. But in this economic climate ?
I assume someone will buy up the rights to the designs and start again. But in this economic climate ?
Powersalt
Well-Known Member
Guess you have got to be a bank to be helped by the government /forums/images/graemlins/laugh.gif
