Revenue and Customs have issued a winding up petition against Truro City FC over a debt of around £200,000. They have to appear in court on October 31st.
Revenue and Customs have issued a winding up petition against Truro City FC over a debt of around £200,000. They have to appear in court on October 31st.
Property developer Kevin Heaney has bankrolled the club in a bid to make it Cornwall’s first Football League outfit. There have been five promotions in six years. Heaney has recently been linked with a takeover at Plymouth Argyle, but has faced financial challenges. His Cornish Homes (UK) company went into administration owing £4.8m in 2008. City’s latest accounts show them making a loss of £1.7m in the year to January, although £1.4m of that is a loan to the club from Heaney.
City issued a statement putting the blame for the debt on to HMRC. They said, ‘Her Majesty’s Revenue and Customs have taken an unduly aggressive approach to a tax liability by issuing a winding-up petition. The background to this matter is that TCFC were chasing HMRC and only recently were advised of the amount of debt due.’
‘This was a result of HMRC failing to demand the debt over the last two years. TCFC had previously been in dispute with HMRC over wrongly assessed VAT and this was settled in TCFC’s favour.’ Truro are annoyed that HMRC have gone public rather than seeking a private settlement although they admit that they ‘understand that the issuing of petitions against football clubs is a matter of HMRC policy’.