With more than 200 players on the books, HW Fisher’s sports advisory arm is at the heart of financial planning in elite football. Partner Martin Smith shares what’s really keeping players and agents up at night, from cross-border tax confusion to post-career planning.
As the UK tax regime tightens and regulatory scrutiny continues to evolve, the financial playbook for elite athletes is being rewritten. Martin Smith, Partner and Head of the Sports Team at accountancy firm HW Fisher, is one of the figures helping them adapt.
“We’ve probably grown since about 2018. I think the last count we got was over 200 footballers on our books,” says Smith, whose client base spans Premier League and Championship clubs, with others from boxing and UFC also on the books.
“We deal a lot with image rights companies, investment vehicles, property developments, and player transfers.”
Recent changes to the UK’s non-domicile (non-DOM) rules have raised questions among players born outside the UK. Smith explains that while these individuals may face higher tax liabilities in the UK, overall costs may not shift dramatically.
“All that’s going to happen with most of these players is they’re going to be paying more tax in the UK, but they’re going to get credit for the UK tax elsewhere,” he says. “So overall, they’re not really going to be paying that much extra.”
However, Smith acknowledges common misconceptions. For instance, some players on loan abroad assume they won’t owe UK tax on overseas income. “If a player goes to Spain or Germany on loan, they’ll have to pay tax on that same income twice in the UK,” he warns.
Filing requirements overseas are also often missed.
Limited commercial upside during major tournaments
With the 2026 World Cup on the horizon and a fresh UEFA cycle ahead, many might assume planning opportunities abound. Smith sees things differently.
“In those three weeks, it’s very difficult for a player to maximise his commerciality,” he says, pointing to FIFA’s tight control over tournament rights. “You’re probably going to see [commercial opportunities] either before or after the World Cup, not during it.”
Much of HW Fisher’s advisory work revolves around image rights, a topic Smith splits into two categories: those embedded in player contracts and those tied to commercial activity like boot deals or endorsements.
On the latter, he sees minimal risk: “HMRC don’t have any issues with someone setting a company up for off-the-field activities. It’s the same as a plumber or a builder setting up a limited company.”
But when it comes to club contracts, the ground is trickier. “There’s certain limits on what can be paid. I believe it’s 20% of the club’s commercial income, and any one player can only receive a maximum of 15%,” Smith says. Post-2021 changes have reduced risk for players, shifting more liability to clubs.
“At the moment, I would say there’s only potentially six or seven clubs in the Premier League that pay image rights to players, and it’s got to be the right player,” he adds.
Helping players plan for life beyond football
Tax-efficient structures like image rights companies also play a role in long-term planning. “That’s the kind of tax planning for when they’re retiring,” Smith explains. “The player shouldn’t need their commercial income to live off.”
HW Fisher works closely with agents, solicitors and financial advisors as part of a wider support team for players. “Every player we’re dealing with, who we’ve been dealing with for a long time, who have now retired, most of them have gone into coaching, business or the media side,” he notes.
The team also takes a firm line when it comes to speculative ventures. “If I say I’m going to do a crypto, it’s a big no-no for me. Anything to do with tokens, I’m not interested,” says Smith.
One area still looming over many former professionals is film funding schemes. While most ended in 2008, their 15-year timelines are now catching up with investors.
“Don’t be surprised in the next two or three years if you see 20 high-profile players from years ago going bankrupt due to film schemes,” Smith cautions. “Most of the time, it wasn’t actually the scheme which made them bankrupt. It was the scrupulous financial advisors who put their money into investments which they shouldn’t have done.”
Trusted growth built on referrals
HW Fisher’s sports division has grown organically, largely through word of mouth. “It’s five, six years ago, we used to get referrals from three or four sources. It’s probably up to 35 to 40 different sources now,” Smith says.
Confidentiality remains key. “Our contacts know who we’re talking about, but no one else does,” he adds. “Our clients like that we don’t go out and say who we act for.”
With the financial landscape in football only growing more complex, that discretion—coupled with strong, practical advice—looks set to remain a competitive advantage.
