Salaries to be investigated by HMRC
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Salaries to be investigated by HMRC
Interesting to see it looks like the tax man has decided to investigate premiership (inc Sarries) salaries.
https://inews.co.uk/news/hmrc-probes-en ... nts-904255
https://inews.co.uk/news/hmrc-probes-en ... nts-904255
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Re: Salaries to be investigated by HMRC
My money is on 90% of clubs being guilty...
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Re: Salaries to be investigated by HMRC
This could get very interesting, you would hope the Clubs realised after Wendyball got found out, but we shall see.
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Re: Salaries to be investigated by HMRC
If many clubs are found to be guilty and liable for large sums of money that they had not budgeted for that could be the end of professional rugby as there may not be enough clubs survive to mount a realistic competition.
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Re: Salaries to be investigated by HMRC
& all have busted the Salary Cap.....
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Re: Salaries to be investigated by HMRC
Well it could affect things but if significant numbers are affected I suspect a blanket knuckle wrap from Premiership Rugby, along with a fine to all involved.
The fact this story has been noted in reading Saracens accounts (I wonder why journalists are reading through their accounts so carefully). Well they only just filed their accounts to June 2019 (we have filed to June 2020 a couple of days later).
This means the investigation is noted in accounts that are from 21 months ago means the investigation is at least that old. I know HMRC have long investigations with regards to things like this, but when Andrea and Pete said all outstanding claims etc will be paid and settled before the end of this year's accounts, wouldn't have thought that a 2 year old investigation would be of the biggest concern to us. At very least I'd expect us to have made sure that the new contracts were bullet proof in this regard
The fact this story has been noted in reading Saracens accounts (I wonder why journalists are reading through their accounts so carefully). Well they only just filed their accounts to June 2019 (we have filed to June 2020 a couple of days later).
This means the investigation is noted in accounts that are from 21 months ago means the investigation is at least that old. I know HMRC have long investigations with regards to things like this, but when Andrea and Pete said all outstanding claims etc will be paid and settled before the end of this year's accounts, wouldn't have thought that a 2 year old investigation would be of the biggest concern to us. At very least I'd expect us to have made sure that the new contracts were bullet proof in this regard
Used to run around with an 11, 14 or 15 on my back.
Re: Salaries to be investigated by HMRC
I suspect this issue about accounting and the tax man wanting to see individuals as employees rather than self employed contractors.
The former gets taxed as employed income rather than corporation tax. Then it is also subject to National insurance contributions from the individual and employer.
The former gets taxed as employed income rather than corporation tax. Then it is also subject to National insurance contributions from the individual and employer.
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Re: Salaries to be investigated by HMRC
Well ......I suppose it was going to happen. I hope we are squeaky clean and all associated with us.
Is this the fall out related to Sorries????
Wonder when Amazon, Google etc are within their sights ( if ever ).
Is this the fall out related to Sorries????
Wonder when Amazon, Google etc are within their sights ( if ever ).
Re: Salaries to be investigated by HMRC
That might be the case. It might not be the case. But how do you know that?
Re: Salaries to be investigated by HMRC
I bet there’s a few clubs that gulped when they heard this news!
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Re: Salaries to be investigated by HMRC
If you have spent right up to the salary cap or close to it, but then some of your previous payments to players are reclassified as salary you are going to be in trouble, Quins went over before as they got their Maths wrong.
How many clubs spend every penny of the cap is another matter.
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Re: Salaries to be investigated by HMRC
Would have thought that we may have heard something in the last 2 years though if they found something amissWayne Richardson Fan Club wrote: ↑Tue Mar 09, 2021 11:31 amIf you have spent right up to the salary cap or close to it, but then some of your previous payments to players are reclassified as salary you are going to be in trouble, Quins went over before as they got their Maths wrong.
How many clubs spend every penny of the cap is another matter.
Used to run around with an 11, 14 or 15 on my back.
Re: Salaries to be investigated by HMRC
Bear in mind the salary cap has nothing to do with the taxman.
All he/she is interested in is whether the players have coughed up enough tax on their earnings. I doubt HMRC are going to "publish" (either privately or publicly) that "Leicester Tigers' total payment to players in the season 19/20 was £4m" or whatever.
Tax years not equating to Prem seasons is enough of a muddying feature alone.
All he/she is interested in is whether the players have coughed up enough tax on their earnings. I doubt HMRC are going to "publish" (either privately or publicly) that "Leicester Tigers' total payment to players in the season 19/20 was £4m" or whatever.
Tax years not equating to Prem seasons is enough of a muddying feature alone.
Re: Salaries to be investigated by HMRC
So you don't know. You're guessing?TigerFeetSteve wrote: ↑Tue Mar 09, 2021 11:45 amWould have thought that we may have heard something in the last 2 years though if they found something amissWayne Richardson Fan Club wrote: ↑Tue Mar 09, 2021 11:31 amIf you have spent right up to the salary cap or close to it, but then some of your previous payments to players are reclassified as salary you are going to be in trouble, Quins went over before as they got their Maths wrong.
How many clubs spend every penny of the cap is another matter.
Re: Salaries to be investigated by HMRC
Spending up to the salary cap is one thing but being able to afford it is another. I guess that there are some clubs that may not be able to afford the full salary cap due to their fan base, season tickets, ground costs or lack of investors such as they have at Bath, Worcester, Bristol and Exeter....Tigers being a Plc are heavily auditted so would be surprised if Tigers are over the limits.
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