Discussion in 'Norton Motorcycles (Modern)' started by MAK, Jan 8, 2020.
News from two hours ago...
Norton on the brink of insolvency!
Are your sure still showing as active.
There has been a lot of confusion with Norton Motorcycles Ltd who are different as is NMUK ltd
Check out Derby Telegraph.
I don't know if trouble is looming or if Mr Garner is just cutting it fine as always, but I do know that these press releases circulate the various social media platforms and do untold damage to the reputation of Norton.
Perhaps he just needs a new a accountant?
saw another another article on facebook that indicated that they had worked it out with the courts. its was on the 961 FB page.
Yeah. I saw it. Looks like he is making payments to the tax bill & he has about 1/2 the amount in technology credits. Seems to be a smooth operator!! Being from the USA you guys can tell me about that!!
Tis one of the two certainties of death and taxes. I’m sure Stuart and his crew have the smarts not to screw up his Norton adventure over a few quid to the revenue!
Really, it says adjourned, read the rules surrounding a WUP and you will see this is still far from ''agreed with the courts'' otherwise it would have been lifted. Even if a company can prove to the judge it is solvent the judge can still liquidate it. A WUP is a very serious, look at what a judge can apply.
From July this year the rules change HMRC have priority to get tax owned once a receiver has been appointed. Seeing as it not July, most probably why they asked for the adjournment as they need to get as much tax paid to the government, they are not interested in the judges decision.
It’s easy to be hard on ‘the tax man’ with stories like this. ‘How can he be so hard on dear old Norton’ etc.
But Norton is a business. Businesses have rules and laws to adhere to. Taxes are due and they are due as a result of a clear process. Taxes due are NEVER a surprise to companies who have proper accounts people etc.
Companies who deliberately ignore this, and who consciously decide not to pay their dues on time, deserve to be brought to account. Whoever they are.
Then have been no sudden increases of company taxes in the UK in recent years, you know the tax regime for years in advance. You do not need a good accountant to know how much tax you owe and to keep that to one side at all times.
You are right,if it was an overpaid footballer avoiding paying tax there would be no sympathy.
But With Norton it’s here we go again.
What happened to the Benefactor!
This is oh so very sad.
You do if you’re SG, to keep track of all the (legitimate, I assume) clever dodges and tax avoidance ploys in play !
And if you do not publish your accounts in time then you cannot apply for any rebates either until they are published, the Tax man is not going to allow a rebate based on fresh air and late filing of accounts means he will take longer to check them. The man is a too clever fool, pity he has good people with livelihoods at risk working for him.
He asked for 63 days for the outstanding amount to be settled.
Norton's financial director told the judge the company had £135,000 in research and development tax credits due, which were with HMRC for approval.
Judge Prentis adjourned the hearing until February 12.
For full infro;
There appears to be some sense of irony when one Gov. Department holds up money while another Gov. Department threatens to close down a company effectively shooting one another in the foot - only in the UK, or maybe not.. . . . . . .
HMRC asked, if you are the company it would not look good asking for an adjournment.
Surely, pay tax bill like all his customers then get the rebate / credit what is wrong with that approach. HMRC does this WUP stuff as regular business and would have their case watertight. HMRC does not shut companies down, the judge and Company's House do that. An intervention by HMRC in a WUP is usually last resort. HMRC would have tried to resolve this with the firms accountants prior to the issue and publishing of the WUP, is not rocket science.
I've seen HMRC shut a firm down and put 30 odd people on the dole when the directors found that the accountant pocketed the company tax . The judge was indifferent.
What's a WUP?