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20 Aug 2010
The UK's largest football clubs currently owe the taxman nearly £4m in Time to Pay (TTP) agreements, Accountancy Age can reveal.
The Premier League and Championship clubs owe HM Revenue & Customs a total of £3,773,449 through the tax deferral scheme TTP, according to the results of a Freedom of Information request.
HMRC said the tax deferred by both Premier League and Championship clubs through TTP agreements totalled £6,007,481 since 6 April 2010.
Clubs owed HMRC £43.2m on 1 August 2010 for PAYE and VAT, a "snapshot" figure for that day. However, it said the amount owed could vary "significantly " on different days as payments are made or become due.
Clubs in the two leagues have continued spending but have reined in their transfer activity this year, according to the Grant Thornton Football Transfer Tracker.
Premier League clubs have spent £250.4m so far in this transfer window, compared to £449.4m last year across the whole window (of which biggest spending club Manchester City have spent £125.7m, compared to £117.5m a year earlier).
Championship clubs have spent £17.7m so far this summer, but have a net spend
of -£12.2m. Last year the Championship spent £40.1m across the whole summer
transfer window, with a net spend of -£61.1m.
Further reading:
Administrator confirms Crystal Palace's exit from administration
Portsmouth see off HMRC's CVA appeal
Southend United stave off administration in Sainsbury's deal
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Briefings
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Visitor comments Add your comment
Time to Pay (TTP) agreements
Anyone have thoughts as to why Dundee FC went in to administration?
They owed HMRC £355,00 but claim they were not offered a "Time to Pay (TTP) agreement"
Posted by: harry rose, 30 Jan 2011 | 23:24