Football & Tax In The Headlines - Not Again?
News headlines containing football and tax seem to be common place these days with another case hitting the headlines in the past week.
Brighton Footballer Arrested For Suspected Tax Fraud
It has been widely reported this week that Glenn Murray (top scorer for Premier League side Brighton this season with a prolific 7 goals) has been arrested in connection with a suspected £1.1 million tax fraud.
Full details have not been made public but an HMRC spokesman said 'A man was arrested on suspicion of evading Income Tax and VAT, and cheating the public revenue'.
Computers, business and personal records were seized by HMRC during their search.
Social Media Frenzy
The news of Glenn Murray has given rise to blogs and tweets alike with a selection of responses on line now quoted below:
'Can't imagine he's dodged too much tax. He doesn't earn enough!'
'This is a real shame – Glenn Murray is in my fantasy team'.
'Two things certain in life – death and taxes'.
'They won't arrest the toffs – they just pick on footballers'.
A number of high profile tax investigations into footballers have hit the headlines previously:
Sam Allardyce (current Everton manager and ex-manager of England) has been investigated twice over his own tax affairs – in connection with a tax scheme in 2013 and a tax fraud in 2011.
Harry Redknapp (ex-manager of numerous Premier League clubs) was acquitted of tax evasion in 2012.
Peter Shilton (still the record holder of most caps as an England player) was subject to a successful challenge by HMRC in relation to avoiding tax in relation to a transfer signing on fee.
Tax Planning – Not Tax Evasion
Self assessment for UK tax payers means the responsibility for declaring taxable income and paying tax is the responsibility of the UK tax payer. Penalties, interest and even criminal proceedings can follow if HMRC believe the rules are not being complied with.
Legitimate tax planning and legitimate tax avoidance are to be encouraged – for further information see: www.perrysaccountants.co.uk/tax-planning
Article written by Declan McCusker