Importance of tax planning highlighted

Date: 12th November 2009

The resolution of a tax dispute between Notts County and the HMRC has highlighted the importance of tax planning.

Notts County announced yesterday (November 11th) that it had "resolved its dispute" with HMRC after it was alleged that Blenheim 1862, the club's parent company, owed a six-figure tax debt, which related to PAYE and VAT submissions over the past two years.

"I am pleased to say that the club's business carries on as usual," Notts County's executive chairman Peter Trembling said in a statement.

In order to avoid confusion, smaller firms are encouraged to implement sensible tax planning in order to overcome future problems.

This summer, Notts County's supporters trust handed the club over to British Virgin Islands-based Qadbak. As part of the deal, the trust wrote off almost £400,000 in loans and shares it owned in Blenheim 1862.

Notts County is the oldest professional football league club in the world and are based at Meadow Lane in Nottingham.