Jun 26

ROYAL NAVY ROYAL MARINES KITESURFING ASSOCIATION

Royal Navy Royal Marines Kitesurfing Association Website If you are in the RN or RM and either want to learn to kitesurf, or you are an established rider, then join the RNRMKA today! Membership of the RNRMKA will give you access to significant discounts on lessons and equipment as well as linking you up with an ever increasing network of RN and RM riders around the country.

Jun 25

Tidal Diamond 328 – HMRC Inspection

Tidal Diamond No. 328

Ref underpaid vat resulting in HMRC Inspection 18th June 2013

Dear Tudor Members

Some years ago TSC registered for vat in order to gain benefit from the partial exemption rules applicable to sports clubs. A view was taken at the time as to which activities were exempt or included for vat purposes and the club has followed this principle since then. This interpretation appeared to be great for the club resulting every quarter in HMRC refunding the club for vat paid after application of the de minimis rule. In essence the following income was thought to be exempt:

  • Membership fees
  • Maintenance fees
  • Compound fees *
  • Hoist fees*
  • And these applicable:
  • Bar / Galley etc…
  • Harbour dues / Mooring fees

We have recently been through a detailed round of vat inspections and following many hours of review, negotiation and re-calculation we have received the final edict from HMRC. I won’t burden you with all the detail as this is a complicated subject, even the vat inspector had to get advice on from an internal expert! In summary we have been underpaying and claiming back vat paid, based on incorrect assumptions. Basically we should have been charging members vat on compound fees and hoist fees and including this in our vat submissions. As a result we now owe HMRC £10,203 from the past four years, plus we are to receive a fine for negligent behaviour. Due to the assistance and help given during the recent inspections and taking account of the difficult situation associated with our previous treasurer, HMRC have decided to suspend the fine which will only be payable if we fail to apply the rules correctly over the coming years.

You will be relieved to know that the overdue £10,203 will be taken from reserves and members will not be asked to pay retrospective vat on their compound and hoist fees. However be warned that 20% vat will be added to these payments in future and please note that this is out of my / the committee’s control, please don’t shoot the messenger.

For those not familiar with the club’s current financial position, the payment of this sum will not put the club in any financial jeopardy, but is of course a great shame as we have many projects where these funds could be put to good use.

Steve Yoxon
Hon Treasurer – Tudor Sailing Club


Jun 25

Ebb n’ Flow – No. 224 – June 2013

Ebb and Flow 224


Jun 24

Rolex Fastnet Race 2013

Crew needed! The RN will enter 2 teams on a J/109 and a Nicholson 55. There are also 2 places available to race on a Swan 46. This is the most competitive offshore race in Europe this year! This is not a race for complete novices, there will be some training beforehand and as places are very hotly contested then those who are selected will need to fully commit to the race.

Jun 24

A new yacht needs a new name

Suggestions of names required for the new J/109 The RN team has chartered a J/109 racing yacht and (provided the funding bids are successful) will look to purchase this yacht next month. If successful the J/109 will need an appropriate name and all suggestions will be considered by the Committee.

Jun 22

Tidal Diamond 327 – Saturday Regatta

Tidal Diamond No. 327

SATURDAY REGATTA

TSC Regatta for Saturday has been cancelled.

Due to this there will be no BBQ and unfortunately we have had to cancel the band as well so there is nothing on this evening.

Please can members pass this information on to others.

NB SUNDAY REGATTA IS STILL DUE TO GO AHEAD DEPENDANT ON WEATHER CONDITIONS.
THIS WILL BE ASSESSED ON SUNDAY MORNING.

Regards
Steve Francis


Jun 21

Solent Forts Race and Bands on the Beach

A huge 'thank you' to all involved with the Bands on the Beach or the Solent Forts Race, both of which were a great success.

Jun 20

RNSA(P) Late Summer Series Race 2

A pleasant enough evening but a little light on wind

Jun 20

RNSA(P) Warspite Cup Cowes Race

The next race (26 Jun) is the Cowes Race Following the Cowes Race next Wed, 26 Jun, the Cowes Corinthian Yacht Club are opening up their bar and BBQ facilities to us. Details of food provision and costs awaited. More info as it becomes available. Individuals will be responsible for their own berths in Cowes.

Jun 20

RNSA (PB) at the Round the Island Race 2013

Unusual weather conditions make for an interesting race High Hopes (pictured by kind permission of Hamo Thorneycroft) was the only RNSA (PB) boat to take part in this year’s Round the Island race, run in unusual weather conditions with a north wind, plenty of sun but still wearing foulies due to the wind being cold.