Tax worries can impact sporting performance: Peter Fairchild, Partner at Smith & Williamson, says UK Motor GP riders who travel all over the globe have been tracked down by bailiffs when racing at Donnington or Silverstone because the tax man hadn’t had receipt of tax returns and hadn’t had their taxation paid. This stops the riders focusing that 110% on qualifying in the race.
Making sense of musicians’ VAT deductions: According to Mark Wingate, Partner at Smith & Williamson, a musician may earn a lot less than they anticipate if VAT deductions in their contract are not looked at properly. They can be subject to the reverse charge, where the obligation to file VAT rests with the person paying the musician. But there are also complete exemptions for some musicians in some countries, or reduced rates of VAT.
Withholding tax and offshore income: Peter Fairchild, Partner at Smith & Williamson says that there is a labour intensive paperwork trail to follow when it comes to offsetting offshore income against your UK liability. Visiting sports people and musicians can apply to the Revenue with a projection of profit and loss to reduce the amount assessed for tax. But the complex procedures often put people off.
Approaching business like writing a song: Bruce Dickinson, lead singer of Iron Maiden and Airline Entrepreneur, has taken an interest in several types of business including aviation, retail, filmmaking and writing. He says a creative approach works in all industries even the technical ones.