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Tax Dodging……Wiggo

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  • October 22, 2012 at 12:24 pm #704307
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    Kapelmuur

    Doesn’t the proprietor of the
    Doesn’t the proprietor of the Mail avoid tax by living in France?

    October 22, 2012 at 11:45 am #704305
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    drheaton

    For what it’s worth though,
    For what it’s worth though, there is a difference between tax avoidance (as Wiggins is doing) and tax evasion.

    If there were no loopholes everyone would be paying full tax, or moving to Monaco.

    As ever the government will probably spout something about it being better to have these companies and individuals paying some tax here than no at all but I think that’s crap in a lot of cases.

    The likes of Starbucks, Vodafone, Facebook, Google and Amazon are screwing EU laws in order to massively reduce tax liabilities. That’s why they’re all “based” in Ireland and Luxembourg.

    October 22, 2012 at 11:39 am #704303
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    drheaton

    I work in pensions, and it’s
    I work in pensions, and it’s crazy the amount of money you need to provide for retirement. A pot of £500k nowadays might get you £15k a year if you’re lucky and that’s retiring at 65!

    Imagine how much you’d need to sustain even a relatively modest (for a sports person) £100k a year lifestyle not from 65 but from 35. You’re looking at upwards of £5m in order to cover that if not more.

    Now factor in the fact that if you want to put that into a pension scheme you get taxed a huge amount on anything over £50k a year contributed and get taxed 50% on any income over £150k. That means that you may actually end up needing to earn £10m+ (pre tax) over the five years in which Wiggins is earning the big money in order to achieve that.

    You may say that they don’t need that income but if you have a mortgage, want to provide for your kids and remain fairly active to the level you are when working then maybe that’s what you need. Either way, Wiggins now probably only has 5 years in which to earn as much as he can. Tax ‘stratergies’ are part of that and as Tesco say, every little helps.

    October 22, 2012 at 11:12 am #704301
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    Stumps

    drheaton wrote:Amazon paid no

    drheaton wrote:
    Amazon paid no corporation tax on £7.6bn in sales…

    http://www.guardian.co.uk/technology/2012/oct/21/amazon-forces-publishers-pay-vat-ebook

    If you want to crack down on tax avoidance you need to start on the companies, not the individuals, companies like Vodafone who agreed a reduced tax bill with HMRC because they didn’t want to pay the whole thing.

    I don’t see why the Daily Fail is focusing on Wiggins though, most athletes (including their beloved Jess Ennis) have some form of scheme set up where their image rights are ‘bought’ by a company which pays the athlete an annual salary in order to reduce tax liability and make the most of what, for them, is a very short period in which they can earn the big bucks.

    The same goes for footballers, if you’re only earning big money for 15 years at most but want to have a certain ‘lifestlye’ for the 40+ years after that when you’re retired you need to make the most of your earning potential.

    If HMRC haven’t closed down the loopholes then it’s their own fault. I agree that it’s not really ‘right’ but if I was paying millions in tax each year I’d want to cut my tax bill too.

    Agree totally with you, its just the British or should i say English way of knocking our heroes. No doubt the daily muck that printed the story have freelancers working for them but say nothing, just like the bbc etc etc.

    All the big mobile phone companies pay no tax, the govt should have said “you want the 4G contract ? then start paying tax”.

    Wiggo has only done what thousands and thousands of other people have done themselves.

    October 22, 2012 at 10:14 am #704299
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    fluided

    .
    .

    October 22, 2012 at 8:30 am #704297
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    notfastenough

    I’m a feelancer, and I asked
    I’m a feelancer, and I asked my accountant about paying a little more tax. She said “sure, by all means, but it’s more complex, and when the revenue come in to inspect me, they expect all contractors to be on the ‘standard’ (for her) model, and, although she didn’t put it like this, exploit the same loopholes.

    That said, while my employee contributions might be low, I make it up in other forms of tax through my company.

    I just think crap headlines like this are the result of a slow news day – “quick, log on to companies house and find me a celeb who earns more than our readers but isn’t on PAYE.”

    October 22, 2012 at 8:05 am #704295
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    fiftyacorn

    Seems like legitimate
    Seems like legitimate avoidance. He spent most of last year on the road training in Mallorca or Tenerife, or training in Spain, plus has a lot of genuine offshore earning from winnings.

    October 22, 2012 at 7:45 am #704293
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    drheaton

    Amazon paid no corporation
    Amazon paid no corporation tax on £7.6bn in sales…

    http://www.guardian.co.uk/technology/2012/oct/21/amazon-forces-publishers-pay-vat-ebook

    If you want to crack down on tax avoidance you need to start on the companies, not the individuals, companies like Vodafone who agreed a reduced tax bill with HMRC because they didn’t want to pay the whole thing.

    I don’t see why the Daily Fail is focusing on Wiggins though, most athletes (including their beloved Jess Ennis) have some form of scheme set up where their image rights are ‘bought’ by a company which pays the athlete an annual salary in order to reduce tax liability and make the most of what, for them, is a very short period in which they can earn the big bucks.

    The same goes for footballers, if you’re only earning big money for 15 years at most but want to have a certain ‘lifestlye’ for the 40+ years after that when you’re retired you need to make the most of your earning potential.

    If HMRC haven’t closed down the loopholes then it’s their own fault. I agree that it’s not really ‘right’ but if I was paying millions in tax each year I’d want to cut my tax bill too.

    October 22, 2012 at 1:17 am #704291
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    jamesfifield

    I think Millar admits he had
    I think Millar admits he had an “efficient” structure when he was at the height of his pre-confession career. A holding company in Luxembourg I think. The short answer is, all is fair in love and war vs HMRC.

    October 21, 2012 at 10:19 pm #704289
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    Some Fella

    Im sure Bradley (who rides a
    Im sure Bradley (who rides a bike for a living and therefore fair to say he hasnt got a MBA) didnt think this up himself.
    Im sure he has ‘people’ who sort his money out for him and this is just one of the many loopholes these people exploit.
    Tax avoiders are scum of the earth and Im sure most British pro cyclists avoid taxes by living on the continent.
    If this was done without his knowledge then he should do the right thing and knock it on the head. If he knew about it then he is scum.

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