Mporium Share Discussion Threads

[flashheart] 25/10/2019 12:25

Nice one! I would like to think they are savvy enough to have already picked up on this but smart work all the same.

[ff2345] 25/10/2019 12:23

email just sent.....

Dear Mr Smith

As a shareholder I am most concerned about the recent developments with regard to the potential VAT liability. I just wanted to email you to ask your opinion on a key point that may materially impact the potential liability.

Allay charge their customers 24% "inclusive of VAT where applicable".

Under the Financial Guidance and Claims Act 2018, they are prevented from charging more than 20% for PPI claims. The implication therefore is that they have added VAT at 20% to their professional charge of 20%,making a total of 24%. If this is not the case then they will have been overcharging their customers by 4%, and will open themselves to investigation.

So, from a VAT perspective, if mpm were to add VAT to their invoices to Allay, then Allay in turn would be able to reclaim this VAT as an input tax. The net effect to Customs and excise is £0.

Please will you raise this with the necessary authorities as it may help rescue the situation and the company.

Kind regards

[stocktrend2] 25/10/2019 12:21

If all is resolved you will see people piling in here once suspension is lifted

[stocktrend2] 25/10/2019 12:21

i dont see why it would. Why would click labs change their mind Todays find with Amir’s post re: placing talks ongoing should be resolved soon reassures me. Imagine if all is resolved acquisition goes through.. 1p easy

[stocktrend2] 25/10/2019 12:15

Yep that’s an excellent find

[flashheart] 25/10/2019 12:12

Interesting ff2345. Thank you.

[stocktrend2] 25/10/2019 12:12

Ff thanks. Interesting so this could well come back

[ff2345] 25/10/2019 12:02

OK..... more digging on the VAT issue....

On 10 May 2018, the Financial Guidance and Claims Act 2018 (“the Act”) received royal assent. The Act prohibits fees of more than 20%, excluding VAT, being charged for Payment Protection Insurance (PPI) claims and restricts claims management companies (CMCs) and legal services providers from charging a client where no award has been recovered. This cap will come into force on 10 July 2018 (two months from the date of royal assent).

As Allay charge 24% this implies they have collected 20% VAT on top of the 20% fee.

So any VAT charged to Allay by mpm could be reclaimed by Allay as an input tax.

I feel there is a resolution to be had here.

[ff2345] 25/10/2019 11:45

Why can't they retrospectively charge Allay the VAT? it's not like this has been going on for years.

Looking at Allay, they charge 24% INCLUDING VAT WHERE APPLICABLE!!!!!

That is a very clever way of avoiding the issue of whether VAT should be added to customer invoices.

So any VAT that is added to the invoices from mpm directly hits the profit of Allay.

Only adds to my concerns that this was a clever way of structuring something so that Allay did to get a VAT hit!

[bullrun1] 25/10/2019 11:34

Maybe they want to load the gun with some really positive news as well if it is returning back to market.. its hard to say.

[flashheart] 25/10/2019 11:14

It'll take longer to resolve it so best we wait. If it was already a dead duck then it wouldn't take 2 minutes to RNS us of the fact......Look at it that way for now.

[stocktrend2] 25/10/2019 11:09

Well i hope Amir is right but if its been resolved they would have rns’d it all we cam do is hope

[tonytony4] 25/10/2019 10:08

I understand but untill we get official notice via RNS it is still glimmer of hope that's all.

[stocktrend2] 25/10/2019 09:40

Tony how many company’s do you know that have come back after an rns like that probably 2%

[tonytony4] 25/10/2019 09:21

Let's hope that no news is some sort of good news!

[stocktrend2] 25/10/2019 02:06

Fraudsters the lot of them

[cg1953] 25/10/2019 01:39

Anyone here remember Worthington Group [WRN]
Sorry to say RIP

[crapcrap] 24/10/2019 11:39

tonyx2 luckily I've only got a couple of grand in this,

[stocktrend2] 24/10/2019 11:24

dont believe i will see my money back here never seen an rns like that only for the company to come back, just have to deal with it, if it’s been resolved we would have known not saying Amir is lying but maybe his contact is because it cant take a few days to resolve it just makes no sense i wont be posting here again gla

[tonytony4] 24/10/2019 10:24

You certainly live up to your user name!!

[crapcrap] 24/10/2019 10:18

i notice tom's mates have done a runner.
not looking good

[tonytony4] 24/10/2019 10:18

Stock just trying to keep the faith here been very upsetting to say the least.