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Hollywood FC

By HitchinBoro exCalling (HitchinBoro exCalling)31/3 15:17Mon Mar 31 15:17:18 2025

Views: 847

https://www.bbc.co.uk/sport/football/articles/ce92zk757vlo
Look at their wage bill
PS Also Everton posted a 53M loss with their wage bill being 81% of turnover loss and Swansea £15.M loss today, crazy.

Edited by HitchinBoro exCalling at 15:20:52 on 31st March 2025
Edited by HitchinBoro exCalling at 15:26:34 on 31st March 2025

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Re: Hollywood FC

By WASP (Original Mr Wasp)31/3 21:53Mon Mar 31 21:53:31 2025In response to Hollywood FCTop of thread

Views: 489

Wrexham are a cancer on football.

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Re: Hollywood FC

By Sev31/3 17:33Mon Mar 31 17:33:32 2025In response to Hollywood FCTop of thread

Views: 646

Spurs also. Stockport. Doncaster. The list goes on. Obviously lots of clubs releasing accounts recently with a June year end as submission deadline today.

It amazes me with the amount of money in football and the large revenues and huge customers base, that across all the division rarely does anyone make a profit.

But most of the owners are fine with that and more people want to become owners or invest in football teams. The whole industry is bizarre from a business perspective.

Edited by Sev at 17:33:50 on 31st March 2025

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2 people like this 2 people

Re: Hollywood FC

By HitchinBoro exCalling (HitchinBoro exCalling)31/3 17:46Mon Mar 31 17:46:27 2025In response to Re: Hollywood FCTop of thread

Views: 614

Agree.Perhaps you knew I would say it , but what's odds main creditors are HMRC .

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Re: Hollywood FC

By Balders (BALDOCKBORO)31/3 18:19Mon Mar 31 18:19:17 2025In response to Re: Hollywood FCTop of thread

Views: 569

Don't pay much tax if you don't make a profit.

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Re: Hollywood FC

By Sev31/3 18:49Mon Mar 31 18:49:57 2025In response to Re: Hollywood FCTop of thread

Views: 543

PAYE and VAT usually.

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Re: Hollywood FC

By HitchinBoro exCalling (HitchinBoro exCalling)31/3 18:59Mon Mar 31 18:59:00 2025In response to Re: Hollywood FCTop of thread

Views: 546

Plus you pay IT or CT on profits.

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Re: Hollywood FC

By Sev31/3 19:04Mon Mar 31 19:04:31 2025In response to Re: Hollywood FCTop of thread

Views: 526

Yeah I meant if a club isn't making profits but has a creditor to HMRC then as Balders says it won't be CT as they haven't made profit so I would assume it's usually unpaid PAYE on wages or not paying over output VAT charged.

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Re: Hollywood FC

By Balders (BALDOCKBORO)31/3 19:09Mon Mar 31 19:09:58 2025In response to Re: Hollywood FCTop of thread

Views: 513

What if a player has an image rights company based overseas and a proportion of their "salary" is paid that way? So they get £100k PA salary, on which they pay tax and NICs, and £300k PA paid for the use of their face/name, paid into a Monaco or Jersey registered company.

I believe HMRC have a set of tax avoidance criteria on what % of salary can legitimately be paid via such an IR company to ensure its not tax evasion?

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Re: Hollywood FC

By Sev31/3 19:32Mon Mar 31 19:32:07 2025In response to Re: Hollywood FCTop of thread

Views: 501

Don't the know the answer to that one specifically, but HMRC have a general anti abuse rule they can apply to any tax avoidance where the main reason for a transaction or scheme is to avoid tax and little commercial reason. So it's difficult to "get away with" any sort of tax avoidance planning now, as whilst it's not illegal as such, it will generally fail, plus you have a duty to tell them of the tax avoidance you came up with so they can they counter it!

There probably is therefore a level they deem commercially reasonable to have as image rights before it becomes a tax avoidance scheme.

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Re: Hollywood FC

By HitchinBoro exCalling (HitchinBoro exCalling)31/3 20:17Mon Mar 31 20:17:20 2025In response to Re: Hollywood FCTop of thread

Views: 453

GAAR and Tax Avoidance schemes is the area I am involved In wish I could comment more but not allowed.But can comment on stuff In public domain , so a recent one was Frankie Dettori who was made bankrupt.Main creditor HMRC re Tax Avoidance

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Re: Hollywood FC

By Sev31/3 20:25Mon Mar 31 20:25:35 2025In response to Re: Hollywood FCTop of thread

Views: 460

A lot of the sports industry get caught out by IR35, I see a lot of cases regarding presenters and commentators going through the courts.

Lineker won his case though. More info on that here for anyone interested https://www.taxadvisermagazine.com/article/yellow-card-ir35-what-lineker-case-means-hmrc

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Re: Hollywood FC

By HitchinBoro exCalling (HitchinBoro exCalling)31/3 20:35Mon Mar 31 20:35:40 2025In response to Re: Hollywood FCTop of thread

Views: 452

Phil Thomson just lost one.

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Re: Hollywood FC

By Balders (BALDOCKBORO)31/3 20:22Mon Mar 31 20:22:34 2025In response to Re: Hollywood FCTop of thread

Views: 456

Avoidance is OK no?

Evasion is where it drops the wrong side of the criminal line, with lawyers getting fat arguing over where the line is.

Edited by BALDOCKBORO at 20:23:46 on 31st March 2025

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1 person likes this 1 person

Re: Hollywood FC

By HitchinBoro exCalling (HitchinBoro exCalling)31/3 20:34Mon Mar 31 20:34:55 2025In response to Re: Hollywood FCTop of thread

Views: 445

Avoidance is ok if it is something parliament intended for eg tax relief on investing in a penson.What is not us eg Tax Avoidance schemes like Frankie was in .Google Rangers FC and Baxendale Walker or loan charge to get an idea Evasion is such as not registering for tax or income and is always wrong .
Over and out on this as footy forum

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Re: Hollywood FC

By Balders (BALDOCKBORO)31/3 21:28Mon Mar 31 21:28:30 2025In response to Re: Hollywood FCTop of thread

Views: 410

Season's basically over for us and if you or Sev can save us a few quid in tax it would liven the last few weeks up no end.

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Re: Hollywood FC

By Balders (BALDOCKBORO)31/3 19:42Mon Mar 31 19:42:20 2025In response to Re: Hollywood FCTop of thread

Views: 481

Which for L1 footballers is probably quite a lot less than Beckham managed to secure.

Only so much value in a Harvey White tea towel and mug set.

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Re: Hollywood FC

By Bragbury1061/4 09:07Tue Apr 1 09:07:54 2025In response to Re: Hollywood FCTop of thread

Views: 305

there is more value in a tea towel and mug set than a few of our players,i would bung in a tea-pot
for a manager as well.

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Re: Hollywood FC

By Balders (BALDOCKBORO)31/3 19:04Mon Mar 31 19:04:00 2025In response to Re: Hollywood FCTop of thread

Views: 502

Not if you make a loss.

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