Graham Hambly recently chaired a seminar on football finance, guest-starring four football finance experts. Here’s how the evening unfolded
Tax and HMRC took centre stage at the recent ‘No Accounting 4 the Love of Football ’seminar, sponsored by HMRC Enquires Investigations & Powers magazine, along with the ACCA and ICAEW.
One of the key note speakers was King’s Counsel’s Patrick Way. He explained that HMRC has a big thing about image rights. Remember, you don’t pay tax on overseas earnings until you bring them into the UK, he told the packed audience at London’s Crypt on the Green. But, as we all know, HMRC doesn’t like the fact that so many international footballers don’t want to pay tax on those image rights. There is also the added complication of agents’ fees, said Way.
Mediation with HMRC could be the way forward, as he is representing a famous football who has got valuable image rights. HMRC want to split the fee between the footballer and club, as HMRC say the footballer ‘got benefits’. Way was waiting for his meeting, and said he was going in with an open mind.
Download the full article below: