Ex-England star pays £10,000 a month to tax authorities: details of the case.

According to The Sun: John Barnes revealed that his monthly tax payments amount to £10,000.

The 61-year-old English football legend is on the verge of bankruptcy due to debts reaching £1.5 million.

Over the past eight years, Barnes has been paying off debts to HM Revenue & Customs, but it was recently revealed that he is once again facing bankruptcy.

Impact of Financial Problems

In the All Things Business podcast, Barnes was asked how his financial difficulties have affected his life. The Liverpool legend shared:

“Apart from a few sleepless nights, it hasn’t affected me significantly, as I see the world looks that way.”

He also noted:

“There are people who have much bigger problems.”

Financial Troubles

Barnes explained how his financial situation deteriorated:

“I was earning a lot of money, I was the first footballer to earn £10,000 a week, but by trusting the wrong people, I lost between £1m and £1.5m in four years.”

In 2017, he began discussing debt repayment options with HMRC.

Asset Case

Barnes emphasized that he is committed to repaying his debts and does not plan to file for bankruptcy. He added:

“I don’t want people to think that I have a lot of money and don’t pay taxes.”

A recent report from Barnes' liquidators revealed that he owes HMRC £776,878 for unpaid VAT, national insurance, and PAYE.

He also has liabilities to unsecured creditors amounting to £461,849, director loans of £226,000, and liquidator expenses of £56,535.

Barnes ended his professional football career in 1999, after notable stints with Watford, Liverpool, Newcastle, Charlton, and the England national team. Since then, he has worked as a coach with Tranmere, Celtic, and the Jamaica national team, as well as a commentator and published a book in 2021.

John Barnes' situation illustrates the importance of financial literacy, even for sports stars with substantial earnings. His story highlights how trust in unreliable individuals can lead to serious consequences. We hope he can resolve his financial problems and restore stability in his life.