Leaders
Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Manchester United launch legal case against Taxman

Wed 30th Jun 2010 | Money & Finance

Premier League side Manchester United is reportedly part of a group which has launched a legal case against the taxman challenging compound interest claims from VAT payments which could open the "floodgates" for other businesses.

According to a report by Accountancy Age, Manchester United is trying to recover more than £300,000 in backdated compound interest from HMRC.

The club has already received £61,000 in VAT and "simple interest" said accountancy firm Hurst.

Rachel Murphy, head of tax at Hurst, the case was the tip of the iceberg. "Thousands of businesses could have a case for claiming compounded interest on their VAT refunds," she said.

“There’s a lot at stake for businesses large and small and I’m confident we’ll see more claims as businesses do their best to recoup interest. Businesses must make sure their accountant reviews their entire VAT position to check what is owed.”

The Premiership side is one of a group of businesses to launch the petition at the High Court.

Manchester United’s claim apparently relates to money it believes is owed from being wrongfully charged VAT on its £18m stock market floatation in 1991.

If you have any football business related news stories you’d like to share then please contact us – agourley@fcbusiness.co.uk or ryan@fcbusiness.co.uk

Don’t forget to subscribe to F.C. Business Magazine to keep up to date with the latest comment from the football world. Click here to subscribe

 

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Manchester United Post Record Revenue Of 581m

Thu 21st Sep 2017 | Money & Finance

Manchester United has followed a successful year on the pitch with a successful year in business posting record revenues for the year ending 30 th June 2017. In a season which saw the club, under the...

30 September: the other deadline day

Mon 18th Sep 2017 | Money & Finance

As of 30 September 2017, all football clubs, sports agencies and their intermediaries will fall within the remit of the Criminal Finances Act. Through this Act, criminal sanctions can be imposed on...

Crystal Palace team up with Twickets in fight against touts

Fri 25th Aug 2017 | Money & Finance

Crystal Palace have partnered with ticket re-sale service Twickets to enable its season ticket holders the opportunity to re-sell their seat for individual games they can no longer attend, at face...

Mats Hummels Joins Juan Mata For Common Goal

Thu 17th Aug 2017 | Money & Finance

Bayern Munich and Manchester United stars unite behind Common Goal #CommonGoal World Cup winner and Bayern Munich player Mats Hummels has become the second footballer to join Common Goal , pledging 1%...