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Fri 22:06Price: 20.00
markettimer941 posts
RE: MT

3cardbrag

An employer is allowed to reimburse travel costs for business travel without an income tax liability arising so these costs are not shown as part of Directors remuneration. It is treated in the same way as when Director buys some stationary and the Company reimburses him for it. The cost is not remuneration as you are just being reimbursed for a business expense.

An income tax liability arises if an employer reimburses an employee for travel from their home to their normal work place and vice versa and this is called ordinary commuting.

If you travel between home and a temporary work place and vice versa then an employer is able reimburse you without an income tax liability.

Whether a Company reimburses Directors for business travel or ordinary commuting both of these costs are deductible for Corporation tax purposes.

When Board members travel from their home to head office to attend Board meetings it is considered to be ordinary commuting even if they have to travel from the UAE or the USA.

There are exemptions for travel provided for employees who work on offshore installations so no tax liability arises

www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim34110

mt
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re "Ahmet Dik's travel costs are shown as being nil in the annual accounts remuneration section but there are costs for Kevin Foo."
I'm assuming that's because travel costs to and from your normal place of work are not tax deductible
No Opinion
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Fri 21:30Price: 20.00
3cardbrag3,847 posts
Sorry Jones

Hadn't read your post re travel
No Opinion
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Fri 21:25Price: 20.00
3cardbrag3,847 posts
MT

In fairness, Foo did say in August that Dik was down in Cameroon sorting out the Eneo contract.
That said, he also stated that Eneo gas would be back on within 2 weeks, so who knows, he could have been sunning himself in benidorm for all we know.
No Opinion
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Fri 21:12Price: 20.00
3cardbrag3,847 posts
RE: MT

re "Ahmet Dik's travel costs are shown as being nil in the annual accounts remuneration section but there are costs for Kevin Foo."
I'm assuming that's because travel costs to and from your normal place of work are not tax deductible
No Opinion
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Fri 18:39Price: 20.00
mjones727262 posts
MARKETTIMER

"I wonder who pays for the costs to travel from UAE to London and back again for the AGM/GM and for travelling between UAE and Cameroon and back again?
Ahmet Dik's travel costs are shown as being nil in the annual accounts remuneration "

Mr Dik was taken on as CEO to run the company from Douala and London. The fact that he travels to these locations to work is his business and that is why there is "nil travel" costs as he will pay for such journeys out of his own pocket as he should.
Strong Buy
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Fri 18:26Price: 19.77
markettimer941 posts
RE: MARKETTIMER

mjones727 how do you know all this information?

You really are a font of knowledge when it comes to VOG.

Thank you for confirming that most of his time is spent in Cameroon and London that is very reassuring.

All Companies have to submit a return to Companies House on an annual basis and it has to include correct details about its Board of Directors.

Have a good weekend.
No Opinion
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Fri 17:59Price: 20.00
mjones727262 posts
RE: MARKETTIMER

"I find it amazing that you can be a CEO and yet you spend 183 days or more in the UAE when you would have thought he would spend most of the year in Cameroon with some of the time in London."

MARKETTIMER

More fake news fella. Official documentation may say Mr Dik is a resident of UAE but since he came to work for VOG most of his time is spent in London and Douala.
Strong Buy
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Fri 17:58Price: 20.00
markettimer941 posts
RE: MARKETTIMER

Did banjo pass on my message to you on the boat?

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Just me, I am afraid banjo.

What happened to mjones727 he is very quite today.

I thought he said he was going to see people at VOG today but did not reply to confirm this is the case or not and if so who he see?

Perhaps you can ask him?

mt
No Opinion
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Fri 17:55Price: 20.00
mjones727262 posts
RE: MARKETTIMER

"What happened to mjones727 he is very quite today."

Unlike most I don't sit in the house in front of my computer all day watching this forum. I went sea fishing today !
Strong Buy
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Fri 17:52Price: 20.00
mjones727262 posts
MARKETTIMER

mjones727 are you having your meeting with VOG today?

Who are you meeting with is it both Kevin Foo and Ahmet Dik or is it just Kevin as Ahmet is back in UAE?

UAE looks to be a good place to live as there is no Income tax for residents nor for Companies unless in oil or gas industry.

MARKETTIMER

I do wish you would read my posts properly. I have said 3 times on here my meeting with VOG is WC 17th Dec.
Now confirmed for Wed of that week.
Strong Buy
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