Long gone are the days when football only made the news for events on the pitch; today the sport fills column inches as much for what its players and organisers are doing away from the game.
The FIFA saga, which is likely to continue for many months yet, has dragged football into disrepute, with the way funding was received and allocated now firmly under the microscope. But it is not only FIFA that will be under investigation from forensic accountants – there is a seemingly never ending list of leading players who are becoming embroiled in tax investigations.
Two of the most notable of which are Barcelona forwards Lionel Messi and Neymar, who stand accused of owing millions of pounds in unpaid tax. While these international headlines are usually met with condemnation, what they also demonstrate is the complexity of tax.
Tax is rarely black and white – it is not just a percentage of a single figure. It requires a wide variety of different facts and figures to be assimilated, made sense of and properly accounted for, which is why, of course, there are accounting firms. What the FIFA story shows, however, is that even the most complicated web of financial dealings can be exposed by following the paper trial, and this is where forensic accounting proves its worth.
Whether acting on behalf of a defendant or a claimant in a tax investigation, the experts at Frenkels Forensics are able to bring together all the relevant information to precisely determine just how much tax someone should have paid or, if they have been guilty of committing tax fraud. They can then prove how they did it and what the proceeds of crime they need to repay are.
After all, it is not just corrupt football chiefs who come under the taxman’s microscope – a huge number of business and individuals in the UK will become the subject of a tax investigation every week, either for accounting mistake or fraudulent behaviour. Whichever the case, if this happens to you, the knowledge and experience Frenkels Forensics has in dealing with HMRC and bringing matters to a fair and smooth conclusion could be invaluable.
For expert financial help with any tax issues contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.