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
Google
Yahoo
Live
del.icio
DiggRelated Articles
Manchester City 'best value for money' for fans
Tue 22nd May 2012 | Money & Finance
Manchester City have won the Premier League title and are also top of the league of value for fans, according to the ING Direct Value table. The bank chart compares club season ticket costs with...
Manchester United remain world's most valuable football brand
Tue 22nd May 2012 | Money & Finance
Manchester United remain the world’s most valuable football brand with a value of €672.9 million (£543m), despite ending the 2011-12 campaign without a trophy. The Brand Finance...
Gold welcomes financial benefits
Mon 21st May 2012 | Money & Finance
David Gold admits West Ham would have been in big financial trouble had they failed to make an immediate return to the Premier League. Gold reckons that Ricardo Vaz Te's goal three minutes from time...
Liverpool Count Cost Of Stadium Ambitions
Thu 3rd May 2012 | Money & Finance
Liverpool’s latest accounts show the true extent of Hicks and Gillett’s troubled tenure with over £35m wasted on the failed Stanley Park project. In an interview on the club’s...
