HMRC eyes up football clubs

HMRC eyes up football clubs

Newcastle FC tax ruling sets precedent

UK football clubs are facing multi-million-pound VAT bills from HM Revenue
& Customs following a VAT appeals tribunal that ruled against Newcastle
United

The tribunal ruled that Newcastle United was not allowed to claim back the
tax on fees paid to agents involved in transfers between clubs and contract
negotiations with players.

It must now pay £475,000 to HMRC and other clubs are expected to be targeted
for backdated tax relating to the past three years, including Manchester United,
Chelsea and Arsenal.

Given that Chelsea has spent in the region of £300m on transfers in the last
three years, their bill could be around £16m, The Times reported.

Newcastle said it intends to lodge an appeal to the High Court.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource