Don't let the taxman grasp the winnings

Article Abstract:

High salaries and short employment lives make personal financial planning crucial to the professional athlete. Financial planning and taxation of personal income for the British professional athlete are explained. Factors affecting taxation include: whether the athlete is employed (part of a team), self-employed (individual competitors, such as golfers), or self-incorporated; the athlete's sources of personal revenue, such as prize money, sponsorship (lump-sum payments), endorsements, advertising contracts, television appearances, press articles, and interviews; and the country of origin for each source of income. The difference between amateur and professional amateur sportsmen is also defined; in Britain, professional amateurs are most often track and field athletes, who may receive income from trusts, prize money, appearance money, and other forms of non-sporting payments.

Management, Economic aspects, Finance, Financial planning, Personal finance, Savings, Athletes, Professional sports

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The Revenue's special offices can strike hard

Article Abstract:

The purpose of the Revenue's Special Offices is to investigate tax avoidance or evasion. One such office is the Special Office formed in 1976, with its first location in Edinburgh. Each office has a geographic area of responsibility and its staff is composed of a group leader, ten inspectors, and clerical support staff. The burden of satisfying an investigator lies with the taxpayer, but the Inspector must indicate when he considers the problem resolved. Once an investigator is satisfied that a problem exists, he must also convince his group leader. A meeting is then arranged with the taxpayer and his accountant. The investigator should not accept any information without first checking it against other sources of information, whether from the taxpayer or correspondence, business records, private papers, or information given by third parties.

Interpretation and construction, Tax law, Laws, regulations and rules, Tax accounting, Revenue

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Tax planning for the expatriate

Article Abstract:

There are several factors related to taxation for individuals moving in and out of the United Kingdom. The concepts of residency, ordinary residence, and domicile all relate to the amount of time spent in the UK or the ownership of property. Other taxation issues covered include leaving the UK permanently or temporarily, moving to the UK temporarily or permanently, and double taxation treaties with other nations.

Analysis, Taxation, Expatriation, Domicile in taxation, Domicile (Taxation)

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