Marcus Rashfords tax affairs

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Marcus Rashfords tax affairs

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BlueJay UK 18 Oct 21 2.48pm
Originally posted by Jimenez Agreed, just remember that when Facebook, Amazon & Starbucks do exactly the same thing. It seems that Rashford is deemed beyond criticism, but once a multi national company do pretty much the same thing then their are shouts for tightening up of the tax loopholes I don't blame anyone who does well financially to, within the law, do their best to be protect what they've earned. It would be financially rather strange to have a business mind (or at least successful business) and not translate that to being as efficient as can be with the proceeds of that. Of course if it gets to Jimmy Carr type 'evasion' territory that is different. One difference between individuals and corporations is that while well off individuals make the best of existing laws, corporations often set said laws and hold such sway that they arguably don't pay their way in society from what is often huge proceeds. They are often so unattached from being accountable in any particularly territory, and able to push for advantageous law changes in others, that the cat and mouse game will never end. Edited by BlueJay (18 Oct 2021 4.20pm)
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BlueJay

UK 18 Oct 21 2.48pm

Originally posted by Jimenez

Agreed, just remember that when Facebook, Amazon & Starbucks do exactly the same thing.
It seems that Rashford is deemed beyond criticism, but once a multi national company do pretty much the same thing then their are shouts for tightening up of the tax loopholes

I don't blame anyone who does well financially to, within the law, do their best to be protect what they've earned. It would be financially rather strange to have a business mind (or at least successful business) and not translate that to being as efficient as can be with the proceeds of that. Of course if it gets to Jimmy Carr type 'evasion' territory that is different.

One difference between individuals and corporations is that while well off individuals make the best of existing laws, corporations often set said laws and hold such sway that they arguably don't pay their way in society from what is often huge proceeds. They are often so unattached from being accountable in any particularly territory, and able to push for advantageous law changes in others, that the cat and mouse game will never end.

Edited by BlueJay (18 Oct 2021 4.20pm)

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Forest Hillbilly in a hidey-hole 18 Oct 21 3.48pm
Whilst not accusing any specific person(s), tax 'efficiency' is something a lot of accountants practice. All perfectly legal. A lot of well-paid footballers used to be advised to set up an off-shore company to pay their salary into. They would then be paid a monthly sum/loan ( I forget the proper terminology), out of which tax would be kept to an absolute minimum, if any. I think HMRC was meant to clamp down on this practice and other efficiency techniques used by accountants. A good accountant will save you more in liabilities than they will invoice you for their work. Edited by Forest Hillbilly (18 Oct 2021 3.49pm) I disengage, I turn the page.
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Forest Hillbilly

in a hidey-hole 18 Oct 21 3.48pm

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Whilst not accusing any specific person(s), tax 'efficiency' is something a lot of accountants practice. All perfectly legal.
A lot of well-paid footballers used to be advised to set up an off-shore company to pay their salary into. They would then be paid a monthly sum/loan ( I forget the proper terminology), out of which tax would be kept to an absolute minimum, if any.

I think HMRC was meant to clamp down on this practice and other efficiency techniques used by accountants.

A good accountant will save you more in liabilities than they will invoice you for their work.

Edited by Forest Hillbilly (18 Oct 2021 3.49pm)

I disengage, I turn the page.

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EverybodyDannsNow SE19 18 Oct 21 3.51pm
Originally posted by Jimenez Agreed, just remember that when Facebook, Amazon & Starbucks do exactly the same thing. It seems that Rashford is deemed beyond criticism, but once a multi national company do pretty much the same thing then their are shouts for tightening up of the tax loopholes This is some take
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EverybodyDannsNow

SE19 18 Oct 21 3.51pm

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Originally posted by Jimenez

This is some take

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TheBigToePunt 18 Oct 21 5.12pm
Originally posted by BlueJay Yes, to be honest Rashford seems to have more of a down to earth community focus than 99% of footballers. I'd be more inclined to pat him on the back and get others to see him as an example of how to make a difference, rather to try to look for negatives. But you'd surely want the facts before doing either? That's what I am looking for. His face is on the cover of cereal boxes and magazine covers aimed at my kids. I'd like to be able to tell them that he is indeed the very nice lad his image suggests, and that would be a lot easier if I knew he was paying 40% tax on his earnings above 50k pa as most people do, and not shielding huge personal wealth whilst pressing for other people's tax burden to increase. My presumption has always been that footballers are on paye like everyone else, but given the length and nature of their contracts, I'm not sure why I should presume that. And why the directorship of three companies?
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TheBigToePunt

18 Oct 21 5.12pm

Originally posted by BlueJay

Yes, to be honest Rashford seems to have more of a down to earth community focus than 99% of footballers. I'd be more inclined to pat him on the back and get others to see him as an example of how to make a difference, rather to try to look for negatives.

But you'd surely want the facts before doing either? That's what I am looking for.

His face is on the cover of cereal boxes and magazine covers aimed at my kids. I'd like to be able to tell them that he is indeed the very nice lad his image suggests, and that would be a lot easier if I knew he was paying 40% tax on his earnings above 50k pa as most people do, and not shielding huge personal wealth whilst pressing for other people's tax burden to increase.

My presumption has always been that footballers are on paye like everyone else, but given the length and nature of their contracts, I'm not sure why I should presume that. And why the directorship of three companies?

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BlueJay UK 18 Oct 21 5.19pm
Originally posted by TheBigToePunt But you'd surely want the facts before doing either? That's what I am looking for. His face is on the cover of cereal boxes and magazine covers aimed at my kids. I'd like to be able to tell them that he is indeed the very nice lad his image suggests, and that would be a lot easier if I knew he was paying 40% tax on his earnings above 50k pa as most people do, and not shielding huge personal wealth whilst pressing for other people's tax burden to increase. My presumption has always been that footballers are on paye like everyone else, but given the length and nature of their contracts, I'm not sure why I should presume that. And why the directorship of three companies? Certainly, that's fair. He's a very high profile person, and so hopefully his financial situation has been checked over, both his side and via HMRC. I'm not savvy enough to understand the ins and outs of potentially complex financial arrangements, but good luck with it!
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BlueJay

UK 18 Oct 21 5.19pm

Originally posted by TheBigToePunt

But you'd surely want the facts before doing either? That's what I am looking for.

Certainly, that's fair. He's a very high profile person, and so hopefully his financial situation has been checked over, both his side and via HMRC. I'm not savvy enough to understand the ins and outs of potentially complex financial arrangements, but good luck with it!

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ASCPFC Pro-Cathedral/caravan park 18 Oct 21 5.22pm
Originally posted by TheBigToePunt But you'd surely want the facts before doing either? That's what I am looking for. His face is on the cover of cereal boxes and magazine covers aimed at my kids. I'd like to be able to tell them that he is indeed the very nice lad his image suggests, and that would be a lot easier if I knew he was paying 40% tax on his earnings above 50k pa as most people do, and not shielding huge personal wealth whilst pressing for other people's tax burden to increase. My presumption has always been that footballers are on paye like everyone else, but given the length and nature of their contracts, I'm not sure why I should presume that. And why the directorship of three companies? As far as I know, their wages are PAYE, didn’t they shout about that footballers' tax some years back? Payslips were even leaked online. However, there's a whole different situation for image rights, sponsorships, public engagements etc. The income from that can be millions, and that's where the companies thing comes in. That was what I always thought anyway. Obviously for image rights Rashford would be hot property right now. For a bit of balance, people like Raducanu are doing the same, or Ronnie O'sullivan, for example. They're all at it! Although I doubt Joel Ward gets that much. He probably doesn't declare his odd free lunch. Red and Blue Army!
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ASCPFC

Pro-Cathedral/caravan park 18 Oct 21 5.22pm

Originally posted by TheBigToePunt

But you'd surely want the facts before doing either? That's what I am looking for.

As far as I know, their wages are PAYE, didn’t they shout about that footballers' tax some years back? Payslips were even leaked online.
However, there's a whole different situation for image rights, sponsorships, public engagements etc. The income from that can be millions, and that's where the companies thing comes in. That was what I always thought anyway.
Obviously for image rights Rashford would be hot property right now.
For a bit of balance, people like Raducanu are doing the same, or Ronnie O'sullivan, for example. They're all at it! Although I doubt Joel Ward gets that much. He probably doesn't declare his odd free lunch.

Red and Blue Army!

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EverybodyDannsNow SE19 18 Oct 21 5.26pm
Originally posted by TheBigToePunt But you'd surely want the facts before doing either? That's what I am looking for. His face is on the cover of cereal boxes and magazine covers aimed at my kids. I'd like to be able to tell them that he is indeed the very nice lad his image suggests, and that would be a lot easier if I knew he was paying 40% tax on his earnings above 50k pa as most people do, and not shielding huge personal wealth whilst pressing for other people's tax burden to increase. My presumption has always been that footballers are on paye like everyone else, but given the length and nature of their contracts, I'm not sure why I should presume that. And why the directorship of three companies? I can't help but wonder if all potential heroes of your kids are subject to the same level of scrutiny - it seems a lot of due diligence to think someone is a decent bloke, which Rashford clearly is. Attachment: E6zk1rEXoAAR-5f.jpg (135.62Kb)
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EverybodyDannsNow

SE19 18 Oct 21 5.26pm

Originally posted by TheBigToePunt

But you'd surely want the facts before doing either? That's what I am looking for.

I can't help but wonder if all potential heroes of your kids are subject to the same level of scrutiny - it seems a lot of due diligence to think someone is a decent bloke, which Rashford clearly is.

Attachment: E6zk1rEXoAAR-5f.jpg (135.62Kb)

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cryrst The garden of England 18 Oct 21 7.49pm
Originally posted by EverybodyDannsNow I can't help but wonder if all potential heroes of your kids are subject to the same level of scrutiny - it seems a lot of due diligence to think someone is a decent bloke, which Rashford clearly is. 125% of his wealth ha ha ha Yeh right of course it is. He doesn't pay what morally he should end of. Then gives it large to hmg to pay billions. If him and his piers payed what they 'should' hmg might not need to help. And yes all people including borises mates before that comes back. I can't escape with loopholes so why should others?
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cryrst

The garden of England 18 Oct 21 7.49pm

Originally posted by EverybodyDannsNow

I can't help but wonder if all potential heroes of your kids are subject to the same level of scrutiny - it seems a lot of due diligence to think someone is a decent bloke, which Rashford clearly is.

125% of his wealth ha ha ha
Yeh right of course it is. He doesn't pay what morally he should end of. Then gives it large to hmg to pay billions. If him and his piers payed what they 'should' hmg might not need to help.
And yes all people including borises mates before that comes back. I can't escape with loopholes so why should others?

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TheBigToePunt 18 Oct 21 7.55pm
Originally posted by EverybodyDannsNow I can't help but wonder if all potential heroes of your kids are subject to the same level of scrutiny - it seems a lot of due diligence to think someone is a decent bloke, which Rashford clearly is. The potential distinction between Rashford and most (all?) the others on that list or who are portrayed as role models is that Rashford has successfully lobbied to increase the burden on taxpayers regarding the issue he feels strongly about, whilst (as a matter of fact) being a director of three companies, something I can't imagine anyone would do if running a company wasn't their proper job and if they weren't avoiding tax. As per my previous posts, I've no reason to cast aspersions, and would certainly prefer to find that Rashford is the socially aware and highly generous young man he appears to be. But he is the director of three companies. Why? Edited by TheBigToePunt (18 Oct 2021 7.56pm)
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TheBigToePunt

18 Oct 21 7.55pm

Originally posted by EverybodyDannsNow

I can't help but wonder if all potential heroes of your kids are subject to the same level of scrutiny - it seems a lot of due diligence to think someone is a decent bloke, which Rashford clearly is.

The potential distinction between Rashford and most (all?) the others on that list or who are portrayed as role models is that Rashford has successfully lobbied to increase the burden on taxpayers regarding the issue he feels strongly about, whilst (as a matter of fact) being a director of three companies, something I can't imagine anyone would do if running a company wasn't their proper job and if they weren't avoiding tax.

As per my previous posts, I've no reason to cast aspersions, and would certainly prefer to find that Rashford is the socially aware and highly generous young man he appears to be. But he is the director of three companies. Why?

Edited by TheBigToePunt (18 Oct 2021 7.56pm)

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EverybodyDannsNow SE19 19 Oct 21 10.00am
Originally posted by cryrst 125% of his wealth ha ha ha Yeh right of course it is. He doesn't pay what morally he should end of. Then gives it large to hmg to pay billions. If him and his piers payed what they 'should' hmg might not need to help. And yes all people including borises mates before that comes back. I can't escape with loopholes so why should others? Genuinely no idea what you're even trying to say.
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EverybodyDannsNow

SE19 19 Oct 21 10.00am

Originally posted by cryrst

Genuinely no idea what you're even trying to say.

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Goal Machine The Cronx 19 Oct 21 7.12pm
Originally posted by TheBigToePunt The potential distinction between Rashford and most (all?) the others on that list or who are portrayed as role models is that Rashford has successfully lobbied to increase the burden on taxpayers regarding the issue he feels strongly about, whilst (as a matter of fact) being a director of three companies, something I can't imagine anyone would do if running a company wasn't their proper job and if they weren't avoiding tax. As per my previous posts, I've no reason to cast aspersions, and would certainly prefer to find that Rashford is the socially aware and highly generous young man he appears to be. But he is the director of three companies. Why? Edited by TheBigToePunt (18 Oct 2021 7.56pm) I suspect he receives his salary from Man Utd which is subject to PAYE. I suspect for his private business - imagine rights etc is set up as a Limited Company as he pays less tax that way. I don’t know how accurate that £20m charity donation is, but he can (and probably does) claim tax relief on that. If he donates £20m, his basic rate tax band is extended by £20m. You don’t seem to realise that avoiding tax is legal if done through the correct channels. Tax evasion however - i.e not declaring income from a rental property is illegal. He’s doing what all sensible wealthy people do and seeking professional advice to maximise his wealth.
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Goal Machine

The Cronx 19 Oct 21 7.12pm

Originally posted by TheBigToePunt

Edited by TheBigToePunt (18 Oct 2021 7.56pm)

I suspect he receives his salary from Man Utd which is subject to PAYE. I suspect for his private business - imagine rights etc is set up as a Limited Company as he pays less tax that way.

I don’t know how accurate that £20m charity donation is, but he can (and probably does) claim tax relief on that. If he donates £20m, his basic rate tax band is extended by £20m. You don’t seem to realise that avoiding tax is legal if done through the correct channels. Tax evasion however - i.e not declaring income from a rental property is illegal.

He’s doing what all sensible wealthy people do and seeking professional advice to maximise his wealth.

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cryrst The garden of England 19 Oct 21 8.05pm
Originally posted by EverybodyDannsNow Genuinely no idea what you're even trying to say. You would if you tried I'm sure! It's a left right thing you see.
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cryrst

The garden of England 19 Oct 21 8.05pm

Originally posted by EverybodyDannsNow

Genuinely no idea what you're even trying to say.

You would if you tried I'm sure!
It's a left right thing you see.

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