HMRC are taking a tougher line on agents’ fees but on some issues they
appear to have misunderstood what happens in practice, write David Lloyd
and Pete Hackleton (Saffery).
On 13 May 2024 HMRC released Guidelines for Compliance GfC6 (Help with football agents’ fees and dual representation contracts) which sets out their recommended approach in relation to payments to football agents to help footballers pay the correct amount of tax.
The latest guidance seeks to substantiate their original guidance released on 31 March 2021 on this subject and delves deeper into HMRC’s interpretation of dual representation how they expect this to operate and the necessary reporting requirement for clubs.
Without going into significant detail on the previous guidance it formalised the approach that HMRC had taken on enquiries into the personal tax returns of an increasing number of footballers over recent years.
Typically the...
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HMRC are taking a tougher line on agents’ fees but on some issues they
appear to have misunderstood what happens in practice, write David Lloyd
and Pete Hackleton (Saffery).
On 13 May 2024 HMRC released Guidelines for Compliance GfC6 (Help with football agents’ fees and dual representation contracts) which sets out their recommended approach in relation to payments to football agents to help footballers pay the correct amount of tax.
The latest guidance seeks to substantiate their original guidance released on 31 March 2021 on this subject and delves deeper into HMRC’s interpretation of dual representation how they expect this to operate and the necessary reporting requirement for clubs.
Without going into significant detail on the previous guidance it formalised the approach that HMRC had taken on enquiries into the personal tax returns of an increasing number of footballers over recent years.
Typically the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
