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Liverpool icon John Barnes has candidly discussed his tax woes, stating: "I'm paying what I owe." The former England and Watford winger revealed he has been settling his dues with HMRC for the past eight years following substantial losses from ill-advised investments.
He decided to set the record straight about what he describes as misleading reports concerning his financial situation during an interview on the All Things Business podcast.
Since 2017, Kop legend Barnes has repaid approximately $3 million and continues to make monthly payments of $13,500 under agreements established with the tax authority. In April of the previous year, the Insolvency Service prohibited Barnes, now 60, from serving as a company director after his business failed to pay $257,000 in taxes.
Earlier this month, it was reported that HMRC had filed a petition against him at the High Court over unpaid debts amounting to $2 million.
During the podcast, the England legend shared: "I was making a lot of money, I was the first £10,000 a week footballer and benefited from that for a few years. Like a lot of elite sportspeople, I got burned because I trusted people, I got caught out a couple of times and ended up losing a lot of money over four years.", reports the Mirror.
"In 2017, I began talking to HMRC about what I could do to repay what I owed."
He explained that since then, whenever he has been served with petitions, he and his legal team have gone to court to arrange payment plans, as he does not wish to be declared bankrupt.
Barnes continued: "I know how hard it is for people out there. I don't want to say there are loopholes, or that I can get away with this or that, or have people think I can be made bankrupt and keep my assets, because I've already sold everything. I don't have any assets.
"But every time something new comes up, stories appear in the press saying negative things about how I am not paying my taxes, even though I'm going to court, not to be made bankrupt, but to ask for permission to keep paying.
"This is a working-class sport, and I don't want hard working people thinking I've got all this money and I won't pay tax. It would be easy to be made bankrupt because they can't take anything else from me."
He revealed that damaging headlines about his financial troubles had affected his corporate speaking work, particularly around inclusion and diversity topics.
He explained that several firms, especially those in banking and finance, had understandably ceased booking him for events.
However, he emphasised that he continued earning through professional commitments and refused to let his HMRC dispute dampen his outlook on life.
"I've had a few sleepless nights, but it's not had a major impact because I look at the way the world is and there are lots of people struggling more than me. And as long as I am able to work and to pay, I am just thankful. What have I got to complain about?
"But what does matter is that I reassure people, and the reason I am speaking about this now is because the narrative around me is so negative. I have been so fortunate in my life to still be able to work and pay my bills and my kids have a roof over their head and food on the table.
"The only reason I'm doing this is because people have been saying things that are not true, and I don't want anyone thinking of me as John Barnes, ex-professional footballer, hiding all his money and not paying taxes."
Barnes was prohibited from serving as a company director for three-and-a-half years after his business failed to pay $257,000 in taxes, the Insolvency Service announced.
He was the sole listed director of 'media representation' company John Barnes Media Ltd, which entered liquidation in 2023.
The Insolvency Service launched an investigation into the firm and discovered that between November 2018 and October 2020 it had paid no tax whatsoever despite generating a turnover of around $600,000.
Barnes agreed to a disqualification undertaking which prohibits him from serving as a director. The undertaking stops him from being involved in the promotion, formation or management of a company, without special permission from the courts.
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