Re: Do the top snooker players get taxed?
Judd Trump Ltd
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KrazeeEyezKilla - Posts: 4024
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sundaygirl wrote:Acé wrote:sundaygirl wrote:Someone of Ronnie’s earning power with multiple business interests is probably drawing a salary from a company/companies his manager/accountants have set up and his tax situation will be incredibly complex
??? what do you mean?
sponsorships get taxed too I don't think you can avoid that
I assume his sponsorship money is far, far above prize money so he'd also get taxed 45%?
Basically a company name is registered at companies house and all the revenue the player generates (which may well vary wildly month to month) is paid to that company
The company pays his travel expenses etc, rents or owns his practice facility, pays his manager, driver, personal assistant etc and the accountant running the company
It also pays the player a regular salary (which will be taxed paye) any excess funds can be held by the company and used if the player has a less lucrative spell in the future
The player will also be a director of said company and can pay himself a bonus if funds allow
With specific regards to my Ronnie comment, I assume his shop/sportswear venture is being run as a separate startup business probably in partnership with others to minimise the risk should it go tits up
SnookerFan wrote:How did I know your post would be about Ronnie?