Soccer News Soccer Match Reports, Football News
September 6 – Newcastle United have had to cough up more than £10 million to settle a long-running battle with British tax authorities according to multiple reports.
The dispute dates back to Mike Ashley’s ownership of Newcastle before the current Saudi-owned consortium took over.
In 2023, the High Court agreed with HMRC’s demands for Newcastle to pay £4.25 million in unpaid national insurance contributions, with another £2 million in unpaid VAT payments.
His Majesty’s Revenue and Customs (HMRC) – a non-ministerial department of the UK Government responsible for the collection of taxes – reportedly added an additional 10 years’ worth of interest payments on top of the £6.25 million initially owed.
National insurance payments on agents’ fees is a major area clubs are suspected of underpaying along with image rights payments.
Last year, Elliott Buss of chartered accountants Hacker Young and a specialist in the taxation of sports clubs was quoted as saying: “HMRC is really cracking down on the football industry to recover what it sees as a significant amount of unpaid tax. Football clubs are a subject of particular concern and HMRC now have these clubs’ tax affairs in their sights.”
Contact the writer of this story at moc.l1725618198labto1725618198ofdlr1725618198owedi1725618198sni@w1725618198ahsra1725618198w.wer1725618198dna1725618198
Source link : https://www.insideworldfootball.com/2024/09/06/ghost-ashley-newcastle-pays-10m-tax-bill-hmrc-cracks-clubs/
Author : Paul Nicholson
Publish date : 2024-09-06 08:20:31
Copyright for syndicated content belongs to the linked Source.
