Another Cyclist Selfish Bastard
 

It has now emerged that Sir Chris Hoy, Britain's multiple Olympic gold medal
winning cyclist, has also received a loan from his own company.

The latest accounts of Hoy's Trackstars Ltd state: "At 30 June 2011 Sir Chris
Hoy owed the company £324,771 (2010, £898 – owed from the company). This amount
was unsecured and interest free with no fixed repayment terms. During the year
dividends totalling £130,000 (2010, £440,000) were paid to Sir Chris Hoy."

To put that in English, in 2010 Hoy received £440,000 in dividends, which
attract taxes not hugely dissimilar from salary.

But while he received about £455,000 from the company during 2011, £325,000
came via the open-ended company loan, which attracts minimal tax. It is not
clear from the accounts if Hoy's move, which is legal, resulted in a tax
saving.

Having seen Hoy's disclosure, one tax expert who asked not to be named, said:
"It is likely that such arrangements could come under attack under the
'disguised remuneration' rules recently introduced by the Treasury."

In a statement, Hoy's agent, Rob Woodhouse, said: "Trackstars Ltd is a UK
registered taxpaying company established for legitimate commercial purposes.
Neither [Hoy] nor the company participates in any 'disguised remuneration'
scheme.

"[He] has not received any lottery funding since October 2008. He has continued
his promotional obligations as a member of the governing bodies' lottery funded
world class programmes."

Woodhouse declined to explain why Hoy had taken out the loan in the same year
as his dividend was slashed by an almost identical figure.

He also would not say if Hoy had repaid any of the loan, or if the Olympian had
made a tax saving. Hoy's accountants, Edinburgh-based Jeffrey Crawford & Co,
did not return phone calls.

Directors' loans started to become known as a tax avoidance tactic after a
number of Premier League footballers used such schemes.


http://www.guardian.co.uk/sport/2012...ived-loan-firm

Another Cyclist Selfish Bastard
 

On Fri, 22 Jun 2012 21:10:53 +0100, Judith
wrote:

It has now emerged that Sir Chris Hoy, Britain's multiple Olympic gold medal
winning cyclist, has also received a loan from his own company.

The latest accounts of Hoy's Trackstars Ltd state: "At 30 June 2011 Sir Chris
Hoy owed the company £324,771 (2010, £898 – owed from the company). This amount
was unsecured and interest free with no fixed repayment terms. During the year
dividends totalling £130,000 (2010, £440,000) were paid to Sir Chris Hoy."

To put that in English, in 2010 Hoy received £440,000 in dividends, which
attract taxes not hugely dissimilar from salary.

But while he received about £455,000 from the company during 2011, £325,000
came via the open-ended company loan, which attracts minimal tax. It is not
clear from the accounts if Hoy's move, which is legal, resulted in a tax
saving.

Having seen Hoy's disclosure, one tax expert who asked not to be named, said:
"It is likely that such arrangements could come under attack under the
'disguised remuneration' rules recently introduced by the Treasury."

In a statement, Hoy's agent, Rob Woodhouse, said: "Trackstars Ltd is a UK
registered taxpaying company established for legitimate commercial purposes.
Neither [Hoy] nor the company participates in any 'disguised remuneration'
scheme.

"[He] has not received any lottery funding since October 2008. He has continued
his promotional obligations as a member of the governing bodies' lottery funded
world class programmes."

Woodhouse declined to explain why Hoy had taken out the loan in the same year
as his dividend was slashed by an almost identical figure.

He also would not say if Hoy had repaid any of the loan, or if the Olympian had
made a tax saving. Hoy's accountants, Edinburgh-based Jeffrey Crawford & Co,
did not return phone calls.

Directors' loans started to become known as a tax avoidance tactic after a
number of Premier League footballers used such schemes.


http://www.guardian.co.uk/sport/2012...ived-loan-firm

I wonder if Plankwit uses a similar scheme to "hardly pay any tax at
all" on his £100,000 - £250,000 income.

Another Cyclist Selfish Bastard
 

Bertie Wooster wrote:

On Fri, 22 Jun 2012 21:10:53 +0100, Judith

wrote:

It has now emerged that Sir Chris Hoy, Britain's multiple Olympic
gold medal winning cyclist, has also received a loan from his own
company.

The latest accounts of Hoy's Trackstars Ltd state: "At 30 June
2011
Sir Chris Hoy owed the company £324,771 (2010, £898 – owed from
the
company). This amount was unsecured and interest free with no
fixed
repayment terms. During the year dividends totalling £130,000
(2010, £440,000) were paid to Sir Chris Hoy."

To put that in English, in 2010 Hoy received £440,000 in
dividends,
which attract taxes not hugely dissimilar from salary.

But while he received about £455,000 from the company during 2011,
£325,000 came via the open-ended company loan, which attracts
minimal tax. It is not clear from the accounts if Hoy's move,
which
is legal, resulted in a tax saving.

Having seen Hoy's disclosure, one tax expert who asked not to be
named, said: "It is likely that such arrangements could come
under
attack under the 'disguised remuneration' rules recently
introduced
by the Treasury."

In a statement, Hoy's agent, Rob Woodhouse, said: "Trackstars Ltd
is a UK registered taxpaying company established for legitimate
commercial purposes. Neither [Hoy] nor the company participates
in
any 'disguised remuneration' scheme.

"[He] has not received any lottery funding since October 2008. He
has continued his promotional obligations as a member of the
governing bodies' lottery funded world class programmes."

Woodhouse declined to explain why Hoy had taken out the loan in
the
same year as his dividend was slashed by an almost identical
figure.

He also would not say if Hoy had repaid any of the loan, or if the
Olympian had made a tax saving. Hoy's accountants, Edinburgh-based
Jeffrey Crawford & Co, did not return phone calls.

Directors' loans started to become known as a tax avoidance tactic
after a number of Premier League footballers used such schemes.



http://www.guardian.co.uk/sport/2012...received-loan-
firm

I wonder if Plankwit uses a similar scheme to "hardly pay any tax at
all" on his £100,000 - £250,000 income.


Enough to make anyone on P.A.Y.E sick to the stomach.
One reason why not a penny of mine is donated to the lottery.

I was once questioned by the inland revenue how I accounted for a 56p
exhaust bracket.

Rog
http://rog.pynguins.com

Another Cyclist Selfish Bastard
 

On 22/06/2012 22:44, himself wrote:

Bertie Wooster wrote:
Judith wrote:

It has now emerged that Sir Chris Hoy, Britain's multiple Olympic
gold medal winning cyclist, has also received a loan from his own
company.
The latest accounts of Hoy's Trackstars Ltd state: "At 30 June
2011 Sir Chris Hoy owed the company £324,771 (2010, £898 – owed
from the company). This amount was unsecured and interest free
with no fixed repayment terms. During the year dividends totalling
£130,000 (2010, £440,000) were paid to Sir Chris Hoy."
To put that in English, in 2010 Hoy received £440,000 in
dividends, which attract taxes not hugely dissimilar from salary.
But while he received about £455,000 from the company during 2011,
£325,000 came via the open-ended company loan, which attracts
minimal tax. It is not clear from the accounts if Hoy's move,
which is legal, resulted in a tax saving.

Having seen Hoy's disclosure, one tax expert who asked not to be
named, said: "It is likely that such arrangements could come
under attack under the 'disguised remuneration' rules recently
introduced by the Treasury."

In a statement, Hoy's agent, Rob Woodhouse, said: "Trackstars Ltd
is a UK registered taxpaying company established for legitimate
commercial purposes. Neither [Hoy] nor the company participates
in any 'disguised remuneration' scheme.
"[He] has not received any lottery funding since October 2008. He
has continued his promotional obligations as a member of the
governing bodies' lottery funded world class programmes."
Woodhouse declined to explain why Hoy had taken out the loan in
the same year as his dividend was slashed by an almost identical
figure.
He also would not say if Hoy had repaid any of the loan, or if the
Olympian had made a tax saving. Hoy's accountants, Edinburgh-based
Jeffrey Crawford & Co, did not return phone calls.
Directors' loans started to become known as a tax avoidance tactic
after a number of Premier League footballers used such schemes.

http://www.guardian.co.uk/sport/2012/jun/22/chris-hoy-received-loan-firm

I wonder if Plankwit uses a similar scheme to "hardly pay any tax at
all" on his £100,000 - £250,000 income.

Enough to make anyone on P.A.Y.E sick to the stomach.
One reason why not a penny of mine is donated to the lottery.

Not sure what the connection to the lottery is.

I was once questioned by the inland revenue how I accounted for a 56p
exhaust bracket.

You were unlucky.

These schemes for paying no tax or little tax have been popping up in the
last couple of years and HMRC are addressing them. It is not credible that an
earner gets only about £5,000 a year to live on, plus "loans" which will
theoretically have to be repaid at a later date. For a start, why would an
earner voluntarily move from a situation where they are earning a substantial
income to a situation where they are getting a bare subsistence wage and
"loans" UNLESS they were doing so for a reason not directly connected with
the operation of their "business" but directly connected with tax issues?

We can be sure that HMRC are now firmly on the track of these sca... schemes...

And that even though there are legitimate tax advantages to operating as a
(theoretical) company rather than as a[n] (actual) sole trader, those tax
advantages are not intended to stretch to paying no tax or a derisorily-small
amount of tax.

Hoy sounds like he could be another Carr in the making, and as I'm sure we'll
all agree, a bit more celebrity financial hubris need not be a bad thing in
straitened times.

Another Cyclist Selfish Bastard
 

Not sure what the connection to the lottery is.


"[He] has not received any lottery funding since October 2008.

Rog

Another Cyclist Selfish Bastard
 

On 23/06/12 12:09, himself wrote:


Not sure what the connection to the lottery is.


"[He] has not received any lottery funding since October 2008.

Quite right too, why should the lottery fund him when he can make
hundreds of thousands in sponsorship and appearance fees.

Another Cyclist Selfish Bastard
 

On 22/06/2012 21:32, Bertie Wooster wrote:
On Fri, 22 Jun 2012 21:10:53 +0100,
wrote:

It has now emerged that Sir Chris Hoy, Britain's multiple Olympic gold medal
winning cyclist, has also received a loan from his own company.

The latest accounts of Hoy's Trackstars Ltd state: "At 30 June 2011 Sir Chris
Hoy owed the company £324,771 (2010, £898 – owed from the company). This amount
was unsecured and interest free with no fixed repayment terms. During the year
dividends totalling £130,000 (2010, £440,000) were paid to Sir Chris Hoy."

To put that in English, in 2010 Hoy received £440,000 in dividends, which
attract taxes not hugely dissimilar from salary.

But while he received about £455,000 from the company during 2011, £325,000
came via the open-ended company loan, which attracts minimal tax. It is not
clear from the accounts if Hoy's move, which is legal, resulted in a tax
saving.

Having seen Hoy's disclosure, one tax expert who asked not to be named, said:
"It is likely that such arrangements could come under attack under the
'disguised remuneration' rules recently introduced by the Treasury."

In a statement, Hoy's agent, Rob Woodhouse, said: "Trackstars Ltd is a UK
registered taxpaying company established for legitimate commercial purposes.
Neither [Hoy] nor the company participates in any 'disguised remuneration'
scheme.

"[He] has not received any lottery funding since October 2008. He has continued
his promotional obligations as a member of the governing bodies' lottery funded
world class programmes."

Woodhouse declined to explain why Hoy had taken out the loan in the same year
as his dividend was slashed by an almost identical figure.

He also would not say if Hoy had repaid any of the loan, or if the Olympian had
made a tax saving. Hoy's accountants, Edinburgh-based Jeffrey Crawford& Co,
did not return phone calls.

Directors' loans started to become known as a tax avoidance tactic after a
number of Premier League footballers used such schemes.


http://www.guardian.co.uk/sport/2012...ived-loan-firm

I wonder if Plankwit uses a similar scheme to "hardly pay any tax at
all" on his £100,000 - £250,000 income.


Your grasp of maths & reading comprehension are lower that some of the
primary school children you apparently teach.

I've never claimed that level of income, just that I earn more than a
second rate, middle aged, primary school teacher. Hardly difficult.




--
Dave - Cyclists VOR. "Many people barely recognise the bicycle as a
legitimate mode of transport; it is either a toy for children or a
vehicle fit only for the poor and/or strange," Dave Horton - Lancaster
University

Another Cyclist Selfish Bastard
 

On 23/06/2012 10:04, JNugent wrote:


These schemes for paying no tax or little tax have been popping up in
the last couple of years

I think you mean they have been getting publicity for the last couple of
years.

I think it was Tom Clancy (who is fairly right wing and you would
think if anyone agreed with these schemes it would be him) wrote
(possibly one of the Jack Ryan novels ) about a book (well many books)
covering the tax laws collapsing a table as there were so many
options/opt outs/loopholes written in to it. The suggestion was that
taxes could be written in one pamphlet if everyone just paid a flat rate.
Memory is hazy, may be a completely different author may be a different
novel but the basic reasoning still stands that there have been
workarounds/opt outs/schemes etc since a day after any tax law was
brought out.

Another Cyclist Selfish Bastard
 

On 25/06/2012 20:09, soup wrote:

On 23/06/2012 10:04, JNugent wrote:

These schemes for paying no tax or little tax have been popping up in
the last couple of years

I think you mean they have been getting publicity for the last couple of years.

Not very much publicity until very recently.

Another Cyclist Selfish Bastard
 

On Mon, 25 Jun 2012 20:09:52 +0100, soup wrote:

I think it was Tom Clancy (who is fairly right wing and you
would think if anyone agreed with these schemes it would be him)
wrote (possibly one of the Jack Ryan novels ) about a book (well
many books) covering the tax laws collapsing a table as there were
so many options/opt outs/loopholes written in to it. The
suggestion was that taxes could be written in one pamphlet if
everyone just paid a flat rate. Memory is hazy, may be a completely
different author may be a different novel but the basic reasoning
still stands that there have been workarounds/opt outs/schemes etc
since a day after any tax law was brought out.

People who make significantly more money than average generally are in
favour of flat rate tax rates. I expect that if you surveyed those
who pay 50% rate, they'd mostly be in favour of a single flat-rate
tax.

regards, Ian SMith
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