HMRC ramp up tax investigations into the football industry
HMRC are currently investigating 171* professional football players, up 90% from just 90 football players under tax investigation in September 2017, as they look to crack down on the misuse of image rights payments, and increase revenues from the industry.
HMRC have already collected £332 million in additional revenue from tax investigations into the football industry in the last two years alone. They are also currently investigating 44 football league clubs and 31 football agents.
The success of HMRC’s specialist Football Compliance Project so far means more and more football players can expect their tax affairs to come under scrutiny. This taskforce was only established in April 2017 but has already overseen hundreds of tax investigations.
HMRC will no doubt be considering what other taskforces it can set up. HMRC have previously said that the creation of taskforces has been very effective in generating extra revenue – it has already launched more than 140 of them.
HMRC tax investigations can be hugely costly, time-consuming and stressful for taxpayers. This is especially true for high-profile professional sportspeople as a tax investigation could result in sponsorship deals being terminated.
Larking Gowen are tax specialists and you can protect yourself against the cost of most tax investigations by subscribing to Larking Gowen’s Tax Enquiry Protection Service.
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