Frankie Dettori

FriedGreenTomatoes2

Administration, liquidation, bankruptcy? 🤷‍♀️

Liquidation aims to close a company and Administration aims to rescue a company.
Bankruptcy is different, it is for people who cannot pay their debts and there are different forms of bankruptcy.

It's very wrong to accuse people of being bankrupt when they are not.

He’s not the nicest of people. His cheeky happy persona is a bit of a facade. When he did his farewell tour of British racecourses he charged even the small tracks appearance money, knowing full well that he wasn’t actually retiring but going to ride in America.

Any advice he was given about a tax avoidance scheme which wasn’t one approved by HMRC would have been couched with warnings that it might not work (so the adviser couldn’t be sued) so he would have known he was taking a gamble.

professional people in any sphere have to rely on their accountants and tax advisors - just because you are a brilliant jockey/footballer/restaurateur or whatever does not mean you suddenly become a financial wizard - their lives are very very busy and putting your faith in the hands of agents etc is often the cause of disaster. The earlier remark about his 'horsey friends helping out' is childish, snarky and unhelpful.

Administration, liquidation, bankruptcy? 🤷‍♀️

I remember Party Pieces being taken over by some guy GG13. It was in the news. I wonder how he’s doing?

Barleyfields

He probably relied on some sort of tax avoidance scheme which ‘professionals’ offer, if there was a long-running battle with HMRC. He won’t be the first to have found out that the scheme didn’t work and I doubt he’ll be the last. He would have done well to have just paid the tax when it fell due, instead of which he will also have been hit with penalties and interest. I have no sympathy.

I think some BBC presenters got caught out in this way? They classed themselves as ‘self employed’ somehow … then a few got stung for high tax bills.

Just googled Party Pieces, it is still going, not sure who owns it?

Just to be pedantic, Party Pieces didn’t go into liquidation it went into administration.

He probably relied on some sort of tax avoidance scheme which ‘professionals’ offer, if there was a long-running battle with HMRC. He won’t be the first to have found out that the scheme didn’t work and I doubt he’ll be the last. He would have done well to have just paid the tax when it fell due, instead of which he will also have been hit with penalties and interest. I have no sympathy.

Not very sympathetic at all. Just pay your taxes like ordinary folk do. Accountants have a lot to answer for quite frankly by giving advice of how to manipulate taxes due (badly in many cases).

I was a regular customer of Party Pieces as were my AC and many friends.

Everything for a child’s or any special occasion from the same supplier, lots of different themes and all good quality.

I imagine like many sports, pop or media stars Frankie Dettori relied on accountants and financial advisers.

Taxes have to be paid, unfortunately I cannot see any UK Government closing all the legal loopholes.

FriedGreenTomatoes2

^It often seems that bankruptcy for the rich, is not quite the same as for the poor^

True Georgesgran it doesn’t seem to have embarrassed or affected Mr & Mrs Middleton much (of Party Pieces).

I’d be mortified!

I'm sure they are upset and their firm was typical of the many businesses in the hospitality sector which suffered because of Covid lockdowns. Not just the obvious ones like pubs, restaurants, travel companies, gyms etc, some of those firms which supplied them were forced into administration and people lost their jobs.

NotAGran55

I don’t know what the Middletons are doing on this thread, they aren’t bankrupt?

Their limited company went into Liquidation which is very different from being bankrupt. With a limited company it is the company that is technically bankrupt; the directors do not have a personal liability for a company's debts unless they have personally guaranteed them.

I don’t know what the Middletons are doing on this thread, they aren’t bankrupt?

Like most people I too abhor tax evaders. But playing devil's advocate I know full well if I was earning a lot of money I would have to rely on others to deal with it for me. Each time I receive a council tax bill, they send me notification with lots of figures in it and state at the end, ask me to contact them if I disagree with their figures. I might disagree if I could understand what they had written in the first place. Finace calculations are just beyond me.

I abhor tax avoiders, society needs everyone to contribute their fair share. DH and AC’s are all higher rate tax payers, but if they complain they get short shift from me. You’ve got to earn it to pay and I never earned enough to have to worry about it.

Marydoll

This is aquote from the BBC website.

Veteran jockey Frankie Dettori says he feels "embarrassed" after he filed for bankruptcy having been unable to reach agreement with His Majesty's Revenue and Customs over a long-running case of tax avoidance.

I have no sympathy for anyone engaged in tax avoidance.

Me neither but I did rather like him
Oh dear, Frankie, you should have kept your eye on the odds.

It often seems that bankruptcy for the rich, is not quite the same as for the poor

True Georgesgran it doesn’t seem to have embarrassed or affected Mr & Mrs Middleton much (of Party Pieces).

I’d be mortified!

He probably had an accountant - where was he ?

I pay my taxes and so should he.

He had a big drug problem didn’t he? No excuses for running up a he tax bill though. He clearly made the money to owe that much and it’s disgraceful to just declare bankruptcy and not pay

I’ve no sympathy either - I’ll bet most of his assets are in his wife and children’s’ names.

It often seems that bankruptcy for the rich, is not quite the same as for the poor, who are left potless? I remember a female singer, declared bankrupt roaring away from the Court in her brand new Porsche!

It makes my blood boil.

he would have been evading tax not avoiding it in order for this to happen