PFA Scotland’s Post

Premier League's Profit and Sustainability Rules (PSR): Chelsea (pre-tax losses of £90.1m) and Aston Villa (pre-tax loss of £120m) must refine their budgets to avoid relegation in the forthcoming years. How? ⬇ ⚽ 💷 - PSR mandates reducing losses to up to £105m total over a rolling three-year period. - Expenditures on infrastructure, academies, women’s football, and community projects are exempt. - Aston Villa faces significant transfer spending restrictions for the next two years. - Clubs must sell players or extend contracts, prorating costs to adhere to PSR boundaries. #SportBusiness #Premier https://lnkd.in/dZahZQhj

ITS BACK!! Not that it was ever really away The football season started again last week. The EFL and National Leagues kicked us off, and the Premiership begins in a couple of days Nine more stressful months of watching football, talking about it and struggling with picking our fantasy teams I wonder how many football clubs have taken advantage of the little known tax savings available from Embedded Capital Allowances on the stadiums-or any sports grounds for that matter. Fulham, Liverpool, Luton and Wrexham have new stands and can probably make claims for the redevelopment As can Spurs and Brentford for their new grounds. Everton nearly have a new ground, and potential claim, as well. If your stadium isn’t new you can also still make a claim and obtain a tax saving So if your club hasn’t received a huge tax reduction then that’s another reason to ‘ Sack the Board’ as that top striker your team couldn’t previously afford might only be a tax claim away. It’s good for FFP as well, less chance of a points deduction. Meanwhile, while you are waiting for HMRC to send your club millions, here’s a football related piece of art. #russellsilverman #capitalallowances #taxsavings

🚨Speaking at the launch of our Pre Budget Submission, FIS CEO Mary O'Connor set out: “Our overall ask in relation to the upcoming budget is for government to increase funding for the core activities which build the base of sport and physical activity in Ireland. We realise that there is much to be financed across many areas in relation to #Budget2025, we would however respectfully suggest that additional funding for sport might be found through the proposed changes to taxation under Action 3.7 and an increase in the betting levy for Sport.” 💶“Core funding is used not only to maintain the foundation of these organisations but to strengthen it,” O’Connor added. “All sport in this country starts with the NGBs and LSPs. They build the programmes and nurture the participants who go on to perform at the highest levels on the world stage.” 👉To read full details of our Asks of Government and reasons Why #SportMatters across multiple Gov Departments go to: https://lnkd.in/eAfEiQaN

Can the allure of a no-tax state really shape the fate of sports championships? 🤔 Dive into our latest Prescribing Prosperity episode as we tackle this captivating question and more with tax expert Kim Moody! Here are some of Kim’s top takeaways: Understanding Athlete Taxation - Athletes may owe tax in every state or province they play, complicating the financial landscape significantly. The Tavares Signing Bonus Insight - Explore why Canada's ability to tax this seemingly simple proceeding is under scrutiny, and how it may affect future contracts in sports. Strategies to Mitigate Tax Disadvantages - Discover the role of Retirement Compensation Arrangements (RCAs) and other strategies that attempt to level the playing field, albeit under complex stipulations. A huge thank you to Kim Moody for sharing your expertise and valuable insights! 🎙️ Ready to dive in? Listen now and gain the insights you need to feel empowered about your financial future. https://lnkd.in/gmchvM2Y #PrescribingProsperity #FinancialFreedom #TaxPlanning #AthleteTaxation #RCA

Football pundit loses £210k in IR35 own goal Sky soccer presenter Neil McCann has lost his IR35 appeal against HMRC at the upper tribunal. Neil McCann, a soccer pundit for Sky and formerly a Scottish Premiership football player, has lost his appeal against HMRC in the upper tribunal (UT) based on IR35. McCann, who worked through his own personal service company McCann Media Ltd (MML), also lost at the first tier tribunal (FTT).  McCann was appointed as an interim manager of Dundee FC for a six-week period during the term of the Sky contracts.  The FTT had dismissed the appeal against a number of determinations and notices in respect of the tax years 2013/14 to 2017/18 in relation to PAYE and national insurance contributions. HMRC was seeking to recover approximately £210,000 under the intermediaries legislation IR35 (Chapter 8 ITEPA).  The FTT found that under the terms of the hypothetical contract envisaged by section 49 of ITEPA 2003, McCann could not be considered to be in business on his own account. They further concluded that the provisions of the hypothetical contract were consistent with a contract of employment. READ ON FOR MORE! https://lnkd.in/ePpUPFgs #bookkeepinglife #smallbusinessowner #smallbusinesssupport #smallbusinessowners #smallbusinesses #smallbusinessuk #smallbusinesslife #smallbusinessadvice #smallbusiness

IR35 and avoid tax, no you Neil McCann Not! You may be offered schemes that wrongly claim to get around the off-payroll working rules. If you need to find out how to recognise tax avoidance schemes, aimed at contractors and agency workers, give us at Accountancy Solutions a call!

Premier League clubs have unanimously agreed to bring in new financial fair play regulations after a meeting that took place in London on Thursday. Over the past decade it has been the profit and sustainability rules (PSR) that has restricted clubs in the Premier League on how much money they can spend. Starting from the 2025-26 season, PSR is set to be replaced by the “squad cost control” rule that UEFA took on board just two years ago. The new proposed rules will allow clubs to only spend a specific percentage of their annual turnover on their wages on the first team as well as the coaching staff, any amortised costs of transfer fees and any agent fees that are involved as well. There will be a difference between the Premier League rules and UEFAs. There will be two tiers to Premier Leagues rules, if a club is playing in a European competition they are only allowed to spend 70 per cent of their annual turnover, compared to the clubs who aren’t competing in Europe who are allowed to spend 85 per cent. If clubs breach these rules then they will can still potentially be penalised with a points deduction. However, there are clubs that are willing to look into the possibility of taking away point deductions and replace them with financial penalties instead for minor breaches of the new rules. Currently in UEFAs rulebook. If a club breaks the squad cost ration they face a financial penalty unless they have “significantly” breached the rules. There are three ways of a “significant” breach: - 20% over the allowed threshold - 10% over and a breach in one of the past three seasons - Any amount over the threshold with limits breached in two of the past three seasons According to the Premier League, these new rules will “provide certainty for clubs in relation to their future financial plans.” Will these new rules be successful or will we still see penalties thrown around like we have multiple times this season? #premierleague #finances #financialrules #uefa #football #financialfairplay #ffp

Did you know the big contracts pro athletes sign often don't translate to the take-home pay you expect? After taxes, fees, and other deductions, you may only be taking home around 50% of your contract. Plus, the variable pay cycle of most pro sports means inconsistent income throughout the year. Thoughtful financial planning is a must to make that money last. Check out the full article to get the inside scoop on what $1 million REALLY means for pro athletes: https://lnkd.in/edkYeSQg #MGO #ProAthletes #SportsFinance #FinancialLiteracy #FinancialPlanning #MoneyMatters #SportsBusiness #AthleteLife #HighEarners #Wealth

⚽⚽⚽ Updated HMRC Guidelines for Football Agents, Clubs, and Players on Dual Representation Contracts⚽⚽⚽ HMRC have released updated guidelines explaining their view of the correct tax treatment of football agent/intermediary fees. Key points to consider 🏆: 1️⃣ Dual Representation: The guidelines clarify HMRC's stance on dual representation, emphasising the need for a commercial justification for the split of agent fees between player and club services. 2️⃣ Audit Trails: A strong emphasis is placed on maintaining detailed records and evidence to support the tax position taken in dual representation contracts. 3️⃣ FA Regulations: The guidelines address the new FA Football Agent Regulations effective from 1 January 2024, reminding stakeholders that compliance with FA rules does not negate the need to consider these guidelines. 4️⃣ Employment Reporting Obligations: The document outlines the reporting obligations for clubs when paying agents' fees on behalf of players, including the correct handling of PAYE and National Insurance contributions. 5️⃣ VAT: Commentary is also provided in respect of the recoverability of VAT on dual representation contracts, including evidence and record keeping to be maintained in support of any recovery. #sportstax #sportslaw #football #footballagents #fifa #theFA #transferwindow

Football ⚽ and Finance — Some insight from Taylor Wessing (01/08) to start the week that goes behind the scenes of football transfers and highlights issues such as estate planning that should be considered after relocation to the UK ⬇️ • Family Charters/ Constitutions • Wealth Preservation • Business Interests • Digital Assets • Disputes • Trusts Read more here: https://lnkd.in/edDrp5K2 #bep #estateplanning #privateclient