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Payments of Agent Fees
Tax Solutions for Footballers
Fees for sports agents are frequently covered through a 'dual representation' arrangement in which the agent represents both the club and the player.
In cases where the club covers all expenses, the part associated with services rendered to the player becomes a taxable benefit, subject to both tax and national insurance contributions. Since 2021, new HMRC guidelines have been in place regarding dual representation, and understanding the tax risks and your obligations regarding these payments is crucial.
The GTN Sports Tax Team provides UK and international tax advice to professional footballers and other sports professionals. Through our global network of tax experts, we can provide specialist advice and guidance on meeting all tax payments and reporting obligations.Â
To find out how we can help you or to arrange a free initial consultation, please contact Richard Watts-Joyce or Rob Derienzo on 0207 100 2126 or complete our contact form.
Tax Compliance Services – Dual Representation
Payment of agent fees will require critical analysis, as tax authorities in many jurisdictions treat the payments as salary and taxable in the hands of the player. We can review the tax implications for players, clubs, and agents to ensure compliance with relevant legislation, calculate the split between agent and player under current HMRC rules, and ensure the taxable benefits are correctly included in PAYE tax codes.
Our clients include domestic sports professionals and those moving to or from the UK on short-term or permanent contracts, or who are present temporarily during exhibition tours and events. We have assisted a diverse range of sports professionals and represent several Premier League and EFL footballers, clubs, owners and agents, as well as those competing in tennis, basketball, golf, cycling, motorsports and esports.
Dealing With HMRC
We regularly handle tax investigations from HMRC, including Employer Compliance Reviews for clubs and enquiries into Self-Assessment tax matters for players. Our team can review new and ongoing tax audits and provide pre-audit health checks to minimise the risk of potential fines for non-compliance.
Sports professionals frequently face audits from HMRC, and we are pleased to offer our Fee Protection Arrangements within our fee proposals, covering any costs we incur of up to £100,000 when dealing with an HMRC audit. This added protection can be highly beneficial as HMRC audits often take 1-2 years to fully close.
If you have any income from prior years that has yet to be declared, we can assist with full disclosure and mitigation of penalties, helping bring everything up to date. Â
Getting Started with GTN Sports
Experience the advantage of working with a team of highly skilled tax professionals who understand the unique needs of professional athletes and footballers. Partner with GTN Sports and gain peace of mind knowing that your tax affairs are in capable hands.Â
To find out how we can help you or to arrange a free initial consultation, please contact Richard Watts-Joyce or Rob Derienzo
Richard Watts-Joyce
Rob Derienzo