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Ben Hayes - Charlton Athletic programme

Taxation

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Orient given June deadline

Leyton Orient's owner Francesco Becchetti has been given until June 12th by the High Court to settle all outstanding debts or sell the club.  The money owed to the Inland Revenue, thought to be around £250,000, which was the subject of today's hearing has been paid, but there are four other creditors.

Becchetti was not at the hearing, but his representatives said that he would inject £1m into the club to settle all outstanding debts, which include £6,000 owed to the club's photographer.

Orient served with winding up order

Leyton Orient have been served with a winding up order over unpaid tax bills.  The case will be heard in the High Court on March 20th.  The money owed to HMRC is thought to be in the region of £250,000.

The last set of financial results for the club suggested that debts exceeded assets by £5.5m.  The club are in real danger of relegation to the National League which would make them less attractive to prospective buyers.

Jezza targets footballers' pay

As part of his campaign to cap high pay in the UK, Jeremy Corbyn has specifically targeted footballers' pay.  This is, of course, good populist politics.

Notts County deal sealed

It has been a long drawn out saga which started in February but Notts County have been sold by owner Ray Trew to local businessman Alan Hardy.    Trew put the club up for sale after being subjected to what he called 'mindless abuse' by fans.  They are the oldest professional football club in the world, having been founded in 1862.

How much is Ronaldo worth?

Unsurprisingly, 2016 Ballon d'Or winner Cristiano Ronaldo is worth quite a lot of money.   He had declared income of €225m in 2015 with €2m in 22 different Swiss bank accounts.   The bulk of his income was earned outside Spain.   He is battling accusations of tax evasion which he emphatically denies.

Oldham Athletic face winding up petition

Oldham Athletic face a winding-up petition today brought by HM Revenue and Customs, although claim the matter has been resolved.

A statement on the clubs' website said, 'We are aware of the winding up petition brought by HMRC scheduled for Monday June 20 and our legal advisors are dealing with it,  The liability on which the petition is based was paid in full last month.'

Last December the club had difficulty in paying their players and they were paid late for three months.

Most clubs do not pay corporation tax

14 out of 20 Premier League cubs paid no corporation tax according to their latest accounts although half of them were profitable.   This is largely because historic losses can be set against future profits to wipe out tax bills.

Tottenham Hotspur reported profits of £83.3m in its last set of accounts, but only paid £518,000 in corporation tax.  Manchester City made profits of £15.3m and received a tax credit of £380,000.

Bolton face administration

Bolton Wanderers face the threat of administration despite a fire sale that has included putting their entire playing staff on the market and raising £4m by selling the offices at the Macron stadium.   The club's situation remains finely balanced despite the sale of the offices and the prospect of future income from transfers.   The offices are rented to several businesses and generated £800,000 annually.

Winding up order expected at Bolton

Bolton Wanderers expect to receive a winding up order from Her Majesty's Revenue and Customs in the next few days.   The club owes £600k in unpaid taxes.   They are thought to need £15m to get to the end of the season.

Taxman hits testimonials

The devil is always in the detail in George Osborne's budgets and he is a past master at inventing stealth taxes that initially attract little attention, although he got it badly wrong with the pasty tax.

This time he has decided to tax testimonial matches for footballers (and other sportsmen and women).  A testimonial match at a top club can net £1m.   In addition, there are usually associated events such as black tie dinners with over priced seats and auctions.