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SGB Championship 2024 Confirmed Signings


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On 12/24/2023 at 5:15 PM, Filth said:

What else is it? 

Wear and tear on van, extra servicing costs, tyres etc unless all van costs are paid.Hotel rooms unless they always sleep in the van. Food costs more if you dont eat at home and its tiring travelling long distances and tiredness leads to eating more than you would normally. I would expect an allowance for fuel, i would not expect every mile of fuel is paid as some fuel would be for personal use.

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23 hours ago, foreverblue said:

Wear and tear on van, extra servicing costs, tyres etc unless all van costs are paid.Hotel rooms unless they always sleep in the van. Food costs more if you dont eat at home and its tiring travelling long distances and tiredness leads to eating more than you would normally. I would expect an allowance for fuel, i would not expect every mile of fuel is paid as some fuel would be for personal use.

As limited company "employees" the riders will be able to deduct £0.45 per mile (for the first 10,000 miles) and £10 per day subsistence for meals etc. And put any accommodation through their accounts as a tax deductible expense... along with any other "cost" for that matter

Edited by iainb
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10 hours ago, iainb said:

As limited company "employees" the riders will be able to deduct £0.45 per mile (for the first 10,000 miles) 

I doubt many riders are limited companies  (I know Tai Woffinden, Rob Lambert and Dan Bewley are) but that's irrelevant anyway.  Even as self-employed sole-traders they can still claim 45p per mile for business miles.  

Edited by RoundTheBoards
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1 hour ago, RoundTheBoards said:

I doubt many riders are limited companies  (I know Tai Woffinden, Rob Lambert and Dan Bewley are) but that's irrelevant anyway.  Even as self-employed sole-traders they can still claim 45p per mile for business miles.  

I have no idea... but personally I would have thought they all would be

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27 minutes ago, RoundTheBoards said:

Not worth the extra hassle unless you're earning big and then the benefits aren't massive.  I think it's only this year that Woffinden and Bewley started limited companies.  

I would have thought all those riders sponsored by those accountants (is it stava, or something like that) would be limited. It shouldn't really be any hassle if the accountant does all the work for a few of points of earnings. If you've got a decent accountant they'll probably pay for themselves. Chris Harris used to be limited, assume he still is. It'd be interesting to know though. 

Edited by iainb
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41 minutes ago, iainb said:

I would have thought all those riders sponsored by those accountants (is it stava, or something like that) would be limited. It shouldn't really be any hassle if the accountant does all the work for a few of points of earnings. If you've got a decent accountant they'll probably pay for themselves. Chris Harris used to be limited, assume he still is. It'd be interesting to know though. 

To what benefit?   How many riders end the season having made a profit seriously in excess of £50k?

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2 minutes ago, RoundTheBoards said:

To what benefit?   How many riders end the season having made a profit seriously in excess of £50k?

Tax benefits for one, not sure how foreign earnings etc. are accounted for. I just naturally assumed they'd all be limited

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7 minutes ago, iainb said:

Tax benefits for one, not sure how foreign earnings etc. are accounted for. I just naturally assumed they'd all be limited

Why would anyone choose to be a limited company and pay 25% corporation tax when they only pay 20% income tax as a sole trader?  

Like I said, you'd have to be making serious profits to gain anything, and how many riders finish a season with profits way over £50k?  (probably would need to be profits approaching £100k to get any worthwhile benefit)

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17 hours ago, RoundTheBoards said:

Why would anyone choose to be a limited company and pay 25% corporation tax when they only pay 20% income tax as a sole trader?  

Like I said, you'd have to be making serious profits to gain anything, and how many riders finish a season with profits way over £50k?  (probably would need to be profits approaching £100k to get any worthwhile benefit)

Some of the published wages and signing on fees in Poland are lots of thousands of euros . Up to 500k last time I looked up some figures 

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