According to the Mail, footballers are being allowed to reduce their income tax bills under a undisclosed deal with HM Revenue & Customs (HMRC). The Revenue has apparently come to an arrangement with Premier League players that a fifth of the money they receive from their clubs can be paid to 'image rights’ companies, saving the highest earning footballers and their Premier League clubs millions of pounds a year in tax. The exact details of the deal with HMRC are still unknown, but the Mail has revealed that the latest figures suggest six of the top Premier League clubs and their players could be avoiding up to £88m per year under the arrangement.
At Beavis Morgan, we provide full range of business and tax advisory services, including image rights planning to the sports sector – sports clubs, individuals, service and management companies, event organisers, governing bodies and a range of other sporting organisations. Our services are tailored to the sector and our knowledge of the specific needs and challenges in this sector enable us to apply the right solutions for each individual circumstance.