I doubt they will use a Ltd company due to the IR35 rules. I think they use them for image rights income though but could be wrong.
Naa it's all PAYE as they're employees which is why Matt Hancock saying footballers should take a pay cut was utterly stupid. The PL players pay something eyewatering in tax each year. Spot on!
I thought footballers had to do tax returns, you occasionally see some of them posting on social media who did it for them
As they get over £100k, they have to do a tax return as they lose their personal allowance. Everyone who earns that has to do one.
Doesn't matter to me, I'm pretty sure the last time we bought a Right Back from Spurs we got promoted. That's all that matters.
Hang in, do Brits not generally have to do a tax return? Everyone here does one. How else do you claim deductions?
Most folk in regular employment where its 1 job, 1 income have it automatically deducted by the employer - its called pay as you earn (PAYE). If you have a second income, are a contractor, self employed you can register for self assessment and submit a tax return every January.
Some people don't have deductions, tax code covers everything. Some people agree a figure with HMRC for deductions and that is applied to their tax code to keep things simple.
Haha yeah we have PAYG (Pay as you Go) as well, but what if you donate to charity, own shares, purchase work related equipment/uniform/travel/etc. things like that? What if your employer isn't taxing you correctly (either over-taxing or under)? Every Australian reviews and submits their tax return and more often than not is entitled to a refund due to tax deductible expenditure. I find that wild that in the UK it's an opt-in thing.
Fair enough, I find that so wild. There's so many things that can be considered tax deductible that people in the UK are presumably just paying for and copping because they'd rather not have to do a tax return that usually only takes 10 minutes.
My wife's an academic, she buys lots of books which are tax deductible. She also hates doing forms, especially tax returns. She and HMRC agreed a figure, a few hundred quid, which approximates to her annual book spend, this was applied to her PAYE tax code. Not sure who's losing/gaining, probably a bit of both but it keeps life simple. She retires soon though so she will have to do a tax return, I expect it'll get delegated...
Some folk on PAYE probably do lose out on certain eligible deductions - such as travelling expenses to and from work but for many the cost of an accountant and/or just the hassle of submitting their own return isn't worth the few quid you would save. Also HMRC occasionally make things easier by negotiating tax code or being able to register as working from home to claim a small weekly discount etc. Obviously if you do have significant deductions then self assessment becomes worthwhile. It can get complex for average Joe though when PAYE is already paid on part of your income but not all.
Everything's free and pretty efficient here. 90% of your data is pre-filled by your bank/employer/etc. and you just review it, add a few ad hoc items, and submit. The whole thing usually takes about 5-10 mins once everything is loaded, and means you get the money you're entitled to. Obviously if you have an investment property/shares/etc. it can become more complex and you may get an accountant to do the return for you (their fee is also tax deductible) but that's less common. The vast majority of people would be able to do them reasonably easily. Just find it interesting to have such a different system. Anyway not particularly relevant to this thread lol.
Don’t we just claim business expenses back off the business and then it’s down to business and accountants to **** about with tax bollocks?
