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#1
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Another Cyclist Selfish *******
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 |
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#2
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Another Cyclist Selfish *******
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. |
#3
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Another Cyclist Selfish *******
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 |
#4
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Another Cyclist Selfish *******
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. |
#5
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Another Cyclist Selfish *******
Not sure what the connection to the lottery is. "[He] has not received any lottery funding since October 2008. Rog |
#6
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Another Cyclist Selfish *******
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. |
#7
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Another Cyclist Selfish *******
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 |
#8
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Another Cyclist Selfish *******
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. |
#9
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Another Cyclist Selfish *******
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. |
#10
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Another Cyclist Selfish *******
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 -- |\ /| no .sig |o o| |/ \| |
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