The word is out; the Football Association is working alongside HMRC to catch out coaches who have not been declaring all of their income.
It was reported last week that the FA have passed on details to HMRC of over 3,000 licensed coaches in the latest leg of HMRC’s infamous battle against tax evasion.
Tax Evasion: Don’t let HMRC show you the red cardTax inspectors have now written to the UEFA level coaches and in the letters, seen by KinsellaTax, they have promised that any coach who comes forward now to declare income will be seen as having made “an active choice”.
HMRC are claiming to have gathered substantial data from varying sources within the football community which suggests that some FA coaches still have undeclared income and should consider making a Voluntary Disclosure.
It is clear that HMRC believe that football coaching is a lucrative industry involving substantial earnings and possibly even coaches moonlighting at a number of different clubs resulting in income going undetected.
In 2012 the FA worked with HMRC to come up with an initiative to encourage coaches to come forward voluntarily and disclose any additional tax owing. However, it seems obvious that the taxman is not content by the number who did come forward to own up to unpaid taxes and have now forced the FA to disclose details of their licensed coaches.
Those who are wise enough make a Voluntary Disclosure will have to pay the outstanding tax, any interest due if it is late and a penalty of around 10% of the tax owing.
The ones who dare to be caught by HMRC will suffer and will be made to pay the tax, interest, will score a large penalty of up to 100% and have a high chance of facing a criminal tax investigation.
Don’t make the mistake of not providing yourself with the best representation around and be sure to choose a company with the most experience in handling tax investigations.
Have you received a letter from HMRC giving you one last chance to take your free kick and sort out your tax affairs once and for all?
KinsellaTax have a number of tax investigation specialists, who have experience in dealing with these issues having acted for Premier League coaches, at your disposal to coach you through a Voluntary Disclosure to HMRC
We can visit you or you can come and visit us at one of our offices either in Chelsea Harbour, London or Wilmslow, Cheshire.