If I somehow gave you the impression I thought this had anything to do with company law/tax legislation then I apologise. I've always assumed Saracens pay their taxes. In BQ's example above, they could claim they only pay £250,000 for the salary cap, but as long as they tell the taxman they actually paid £350,000, then all is OK regarding HMRC.
Apologies having r-read your post you weren't suggesting that - others however were :)