PracticeConsultingSouthend United left peering into the abyss

Southend United left peering into the abyss

Southend United football club faces going out of business next week, due to an unpaid £400,000 tax bill owed to the Inland Revenue.

Representatives of the club including chairman John Main are due to meet with Revenue officials in London next Wednesday in a bid to find a solution to repay the debt.

If a compromise is not found, the club faces a winding up order from the Revenue and will find itself in administration – just weeks before the new season is due to kick off.

A club official confirmed the meeting next week, however the Revenue refused to comment on the issue.

Other clubs which have found themselves in administration recently include Swindon Town, Portsmouth and Crystal Palace.

The latest financial crisis to affect a football club, follows Football Association plans tackle the growing problem of financial mismanagement within the game by launching a financial awareness arm, expected to be called the ‘Football Advisory Unit’.

EXCLUSIVE: Football finance squad formed

http://www.accountancyage.com/Business/1105960

Renewed hope for beleaguered football clubs

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer