Clubs missing a trick on new signings, says BTG Tax
Many sports clubs are not taking advantage of tax-free benefits when acquiring players. That's according to a partner of Birmingham-based firm BTG Tax.
Gareth Short said removal expenses of up to £8,000 can be provided before liability to income tax.
The concession applies whether the newcomers are based in the UK or overseas.
"In order to qualify the player will need to have changed his or her residence and the reimbursed costs must have been made before the end of the tax year following that in which the relocation occurred," said Short.
"If the relocation costs are in excess of £8,000, consideration should be given to whether any can be covered by the travel and subsistence expenses rules or international travel deductions relief in priority to relocation relief."
BTG Tax, a member of the Begbies Traynor Group, provides tax, fiscal structuring and investigations consultancy.
