Covid support scheme results go live

[Amadeus]

Were online gambling firms allowed to claim? 

[Bandits]

3 minutes ago, Amadeus said:

Were online gambling firms allowed to claim? 

Some CSPs and accountancy firms seemed to be allowed to claim too. There must be some sort of definition of qualifying services as I thought they were banned too. 

[Annoymouse]

47 minutes ago, Bandits said:

 All we need now is sensible legislation bringing in which reclaims grants paid in certain circumstances if it’s clear that the businesses didn’t ultimately need the money. So if your turnover was up and profits were up as a result of the money you received you pay a % of the granted money back. That’s all that needs to be done as a tidy up.

Sounds like you need a new accountant who will tell you how to be as tax efficient as possible and ensure you will stay eligible for any loans/grants.

[Bandits]

1 hour ago, Annoymouse said:

Sounds like you need a new accountant who will tell you how to be as tax efficient as possible and ensure you will stay eligible for any loans/grants.

You can’t really fudge turnover that much which is why a lot of the eligibility criteria was around a reduction in turnover. The only other grants were salary support which is easy to track whether you still paid people or not. The ones that really seem to be the issue are the strategic capacity scheme where people were paid huge amounts to run empty hotels and still had staff costs covered.

Edited May 4, 2022 by Bandits

[Gladys]

18 minutes ago, Bandits said:

You can’t really fudge turnover 

See Enron and Tesco on how to be creative about recognising turnover and profit. 

[Banker]

Some major global companies in list like Swagelock & Triumph, American owned I think 

[Annoymouse]

25 minutes ago, Bandits said:

You can’t really fudge turnover which is why a lot of the eligibility criteria was around a reduction in turnover. The only other grants were salary support which is easy to track whether you still paid people or not. The ones that really seem to be the issue are the strategic capacity scheme where people were paid huge amounts to run empty hotels and still had staff costs covered.

You don’t need to fudge turnover you simply reduce it to ensure you stay eligible, easiest way to reduce turnover is to close/reduce operations,  which is what most of these companies did.

[NoTailT]

5 minutes ago, Annoymouse said:

You don’t need to fudge turnover you simply reduce it to ensure you stay eligible, easiest way to reduce turnover is to close/reduce operations,  which is what most of these companies did.

Or defer the revenue, as some other companies did.

[cissolt]

18 minutes ago, Banker said:

Some major global companies in list like Swagelock & Triumph, American owned I think 

Swagelock worked throughout.  What did they claim for? 

[Cambon]

1 minute ago, cissolt said:

Swagelock worked throughout.  What did they claim for? 

Quite a few in that bracket, such as Robinsons. 

[Bandits]

14 minutes ago, NoTailT said:

Or defer the revenue, as some other companies did.

Lots of small business did to. I had a builder who only wanted paying for a fairly chunky job after the end of the financial year in which he got support. 

[NoTailT]

6 minutes ago, cissolt said:

Swagelock worked throughout.  What did they claim for? 

Didnt they get like £1.8m in salary support I recall reading?

[AOR]

The pdf files could do with being combined onto a pdf-to-xls  spreadsheet.

[Bandits]

40 minutes ago, Banker said:

Some major global companies in list like Swagelock & Triumph, American owned I think 

Triumph and Ronaldsway Aircraft who also got a huge payout largely supply the aviation industry (Swagelock too) so presumably with no planes flying for the best part of a year due to most fleets being grounded worldwide they would have had big issues paying staff if they actually had no turnover due to no orders for the parts they make?

[cissolt]

The business doctor was another massive claimant.  Are they a major employer?  

https://bdc.im/