Tax Essentials for Professional Athletes

Tax Essentials for Professional Athletes cover

Tax Essentials for Professional Athletes

Quantity
Pre-order. Available 15 Jun 2023
£50.00

Payment for this pre-order will be taken when the item becomes available

Description

The way that personal tax applies to professional sports people is incredibly nuanced and there is currently no book that brings together all of the idiosyncrasies that apply specifically to sports people.

Agents, sports lawyers and sports professionals themselves are acutely aware of the implications of entering into improper tax schemes or even just failing to be compliant. There is a tangible shift in how professionals who support athletes approach their taxes. The industry is more alive now to improper tax investments and the devastating impact that this can and does have on their clients.

With this book, professionals will be able to dip into the sections they require and use the content to support their work and ensure they are providing holistic advice to their clients. The book will include real life overviews, case studies and flow charts and tables to make the information as digestible as possible. It is broken down into sections, focusing on all major sports.

Table of Contents

1. General Principals in Personal Tax
1.1 The importance of getting this right
1.2 Common Tax Traps
1.3 Jurisdictions of UK tax
1.4 Residence and non residence
1.5 HMRC powers
1.6 Treatment of non residents in the UK
1.7 General tax exemptions for athletes

2 Football & Rugby
2.1 Pre Professional
2.1.2 Qualifying expenditure
2.1.3 Scholars & the salary jump
2.1.4 First £100k
2.2 Professional
2.2.1 International loans
Dutch & Belgian Football Loan Case
2.2.2 Domestic loans
2.2.3 Pensions cap
2.2.4 Agents' fees
2.2.5 Image rights companies
Hull City AFC (Tigers) Ltd v Revenue and Customs Commissioners [2019] UKFTT 227 (TC))
Sports Club plc v Inspector of Taxes [2000] STC (SCD) 443
2.11 Tax efficient investments (EIS, SEIS)

3 Golf & Tennis & Boxing
3.1 Pre professional
3.1.1 Setting up a trade
3.1.2 When to notify HMRC
3.2 Professional
3.2.1 Tax on tournament winnings
3.2.2 Qualifying expenditure
3.2.3 When/If to set up a company
3.2.4 Image rights companies
3.2.5 Tournaments overseas (for UK residents)
3.2.6 Tournaments in the UK (for non UK residents)

4 E-sports
4.1 Pre professional
4.1.1 Setting up a trade
4.1.2. Under 16 earnings
4.2 Professional
4.2.1 Twitch, Patreon and Paypal donations
4.2.2 Tournament winnings
4.2.3 Qualifying expenditure

5 Athletes
5.1 Pre professional
5.1.1 Athletes Performance Award
5.1.2 Setting up a trade
5.2 Professional
5.2.1 Citizenship & residency
5.2.2 Major events (Commonwealth Games, Olympics)
6 Post pro career
6.1 Closing down or continuing IRCs
6.2 Second career

7 Pundits
7.1 General Principals
7.2 Tax position
7.3 HMRC enquiries
7.4 Cases
Basic Broadcasting Ltd v HMRC [2022] UKFTT 48 (TC)
McCann Media Ltd v HMRC [2022] ULFTT 104 (TC)

8 Supporting Materials
8.1 Residency & Domicile – flowchart
8.3 First year over £100k – Checklist
8.4 First Commercial deal – Checklist
8.5 Image Rights Company – Flow chart
8.6 Image Rights Company – Checklist
8.7 Responding to HMRC enquiry – Sample Letter

Product details

Published 15 Jun 2023
Format Paperback
Edition 1st
Extent 200
ISBN 9781526525598
Imprint Bloomsbury Professional
Dimensions 244 x 169 mm
Publisher Bloomsbury Publishing

About the contributors

Author

Sofia Thomas

Sofia Thomas is a chartered tax advisor and founde…