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