Don't Wait to pay day !

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Don't Wait to pay day !

Post by SteveBradley on Thu Jun 11, 2015 2:00 pm

Great to see over £40,000 raised in shares so far in the Community Club, but there's a long way to go !

As a few people have been asking, you don't have to wait until pay day before buying shares.

If you buy them online, you are making a pre-commitment to pay for those shares at the end of the bid period (September) and only if the bid is successful. So no money leaves your bank account until September.

Let's do what we can to give Bath City a stronger footing and ensure a bright future for the club. Back the bid !

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Re: Don't Wait to pay day !

Post by pete mac on Thu Jun 11, 2015 3:24 pm

Worth also reminding people that apart from being a great cause you can benefit from a 30% tax refund on your investment if you are a taxpayer.

Its a very encouraging start..........

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Re: Don't Wait to pay day !

Post by BenE on Fri Jun 12, 2015 12:42 pm

At the moment I am thinking how much I can commit to. With 30% tax back out of £1000 you only pay £700 once you get your refund.
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Re: Don't Wait to pay day !

Post by 2weirdtown on Fri Jun 12, 2015 1:18 pm

Very Happy
And if you become a Centurion you can save another 50 odd quid as you'll get free entry to 5 home games.
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Re: Don't Wait to pay day !

Post by Ashley on Fri Jun 12, 2015 1:36 pm

How does that work for those of us that have season tickets?

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Re: Don't Wait to pay day !

Post by yuffie on Fri Jun 12, 2015 2:57 pm

Let a non-City supporting friend have them?

If you've got a season ticket and five grand to help the club I can't see why you'd be too fussed about missing out on five free matches.

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Re: Don't Wait to pay day !

Post by Major Icewater on Fri Jun 12, 2015 4:58 pm

I suspect many supporters including myself are waiting for Monday's Q&A session before committing any investment.
At the moment ( unless perhaps you are associated with the bid team ) we only know general details from the prospectus.
The tax relief  is being pushed but  does it need to be claimed through your tax return? I suspect  many supporters who are just on PAYE are not required to complete it at the moment.

Presumably the tax recovery process will be explained at the meeting.

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Re: Don't Wait to pay day !

Post by 2weirdtown on Fri Jun 12, 2015 5:35 pm

My understanding is if you are on PAYE then, yes, you will need to complete a Self Assessment tax form to claim the tax relief.  It's just a process.   There is plenty of info about relief for EIS schemes on the HMRC website but I'm sure the bid team will boil it down to what the process is nearer the time.
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Re: Don't Wait to pay day !

Post by Ashley on Fri Jun 12, 2015 11:06 pm

yuffie wrote:Let a non-City supporting friend have them?

If you've got a season ticket and five grand to help the club I can't see why you'd be too fussed about missing out on five free matches.

Don't worry, if the free entry is £5k it isn't going to affect me....


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Re: Don't Wait to pay day !

Post by OliverH on Sat Jun 13, 2015 9:38 am

There is information on how to claim Enterprise Investment Scheme tax relief on the website, bottom of this page:

http://www.bigbathcitybid.org.uk/how-to-buy.html

Although admittedly the document in question is currently hosted in a way that makes it very difficult to read - I've flagged this with the web guy.

EDIT: There is also the business plan and the proposed constitution for the new club (again, hosted awkwardly) - between these three documents and the prospectus, you have pretty much as much information as the bid team has. The one document that has not been published is the social impact plan, i.e. how the club will work in the community - this is something that the team is seeking to develop alongside local partners.

I appreciate that in the build-up to the launch there was a lot of provisional this and that and "wait and see", but the information is now basically all out there.
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Re: Don't Wait to pay day !

Post by Eddie Hitler on Sat Jun 13, 2015 12:06 pm

Will I get a separate approach about transferring existing shares? Or is there a form I need to submit?
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Re: Don't Wait to pay day !

Post by OliverH on Sat Jun 13, 2015 12:14 pm

As I understand it, the exact mechanics of how existing shareholders can use their shares to support the bid is still being worked on. I would hope that it will be unveiled at Monday's Q&A. However the principle throughout has been that all will be able to swap existing shares for community shares like-for-like. Commshares are valued at £1 so that includes people who have £100, £175 of shares etc.

It's worth pointing out that in order to convert Bath City FC Ltd from a limited company to a community benefit society (i.e. community-owned club), 75% of BCFC shareholders will have to approve a motion to convert.

To me, that suggests that existing shareholders wouldn't necessarily have to literally transfer their shares, as long as they vote to convert when the time comes. Post-conversion they could perhaps present their old share certificate to the new club and swap it for new commshares. But I'm speculating here.
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Re: Don't Wait to pay day !

Post by Steve Whites Missus on Sat Jun 13, 2015 3:36 pm

OliverH wrote:There is information on how to claim Enterprise Investment Scheme tax relief on the website, bottom of this page:

http://www.bigbathcitybid.org.uk/how-to-buy.html

Although admittedly the document in question is currently hosted in a way that makes it very difficult to read - I've flagged this with the web guy.

You can always select the full screen icon bottom right of each document, or for the moment view fullscreen via these links

Tax Relief document

Business Plan

Community owned sports club rules

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