|
|
20 Sep 2012
STRUGGLING SPORTSWEAR retailer JJB Sports is reported to be under investigation by HMRC over accounting errors relating to VAT mistakes.
The taxman has been looking into allegations the company wrongly charged VAT on children's clothing which is usually zero-rated, dating back as far as 2006, The Telegraph reports.
Further reading
At the end of August, the struggling company said that it was in discussions with its strategic partners to discuss a sales process with Sports Direct, the most likely buyer after rival JD Sports said it was uninterested.
On 28 August, net bank debt was £16.5m, with JJB also owing £18.75m of convertible loan notes. It had drawn down £1.1m under the trade loan facility.
In the summer of last year, KPMG arranged an insolvency deal known as a Company Voluntary Arrangement (CVA) which reduces debt owed and contracts repayment terms over an agreed period of time. In order for a CVA to be approved, 75% of creditors, by value, must approve the deal.
You may also like
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment