Thursday, January 24, 2013

Gordon in the morning: Reducing tax

If there's one thing we know the Sun despises, it's beloved entertainers entering into measures, however legal, to reduce their tax bills. Just last October they were raging at freelancers working for the BBC:

IS the BBC helping thousands of its workers dodge income tax?

We now know it pays 4,500 “freelancers” though “personal service companies”.

This allows them to pay tax at about half the 40 per cent they could be clobbered with.
So, that's clear - going out your way to establish a way of reducing tax, in the words of The Sun "stinks to high heaven".

Oddly, though, that sense of outrage doesn't appear to extend to One Direction, where Gordon is almost tumescent with their tax moves:

The latest company is called 1D Live LLP – a limited liability partnership.

Registering a company as an LLP means it won’t pay any corporation tax – which is usually a hefty 23 per cent on all profits.
Apparently, for some reason, this doesn't "stink to high heaven".

Perhaps it would only start to stink if they pay in performance fees they earn at the BBC?


Franko said...

Extraordinary use of language from 23% corporation tax really "hefty"?

I mean, it's less than Germany and France (30%) and Japan (40%)

That said - the LLP members would still be taxed on the profits, but at income tax rates (ie almost certainly 40% or even 50%)

The whole thing is curious enough in itself - let alone why it's deemed newsworthy by that moron Gordon.

One thing is for sure - the boys didn't come up with this plan themselves, they've been "advised". So it's a pretty safe bet who this arrangement actually benefits..

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