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Posts Tagged ‘olympics’

Olympic BMW

For anyone who travelled anywhere near the Olympic games during July and August, you can’t have missed the fleets of gleaming brand new BMW cars used to transport the athletes and VIP’s around London.

The fleet was largely made up of the most efficient 320d and 520d models which are very popular in the UK.

But just what will happen to all those cars once the games are over ?

Will we see a flood of nearly new cars for sale at bargain prices to Londoners ?

Unfortunately it appears not.

All of the cars used during the Olympic games are going to be returned to BMW UK.

A BMW spokesman said

“Post games, the vehicles will be returned to BMW and in most instances sold as Approved Used Vehicles over a period of time to our corporate partners, employees and the London 2012 organising committee and volunteers.”

So, unless you are lucky enough to be a member of this list of individuals, it looks like there will be no bargains for London residents.

Loughton AccountantTransform AccountingEssex Accountants

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Now that the London Olympic games are over, we are left with memories of our favourite events and athletes. Whilst the games brought much success for the home athletes, many will remember the biggest star of the games as Usain Bolt, the Jamaican triple gold medal winner.

But anyone who looks forward to seeing Usain Bolt competing again in the UK will most likely be disappointed, and according to Usain, it is the British tax system who is to blame.

Prior to the Olympics, Usain Bolt had not competed in the UK for over three years, blaming the British tax system whereby tax is due on earnings in the UK – however, it is usual for such tax to be set off against tax paid in their own country. This would  mean that the net effect for most taxpayers is that no additional tax is due.

But, for the world’s highest paid athletes, tennis players and formula one drivers, home as far as tax is concerned is usually a tax haven such as Monaco, Bermuda or the Caymen Islands. And this poses the problem – if you pay no tax in your place of residence, you can’t really reclaim the tax that you have been forced to pay whilst competing in the UK.

In 2010, Usain Bolt pulled out of the Aviva London Grand Prix because of his views on UK tax practices, instead choosing to compete at an athletics meeting in Paris for which he was paid $250,000.

For the Olympic games and Paralympic games, the British government and HMRC put in place a tax exemption scheme so that non resident athletes would not pay UK tax on any income from their Olympic appearances or for payments from their sponsors during the olympics.

Usain Bolt is not alone, Rafa Nadal pulled out of the Queens club warm up tournament for Wimbledon this year, instead preferred to compete in a tournament in Germany and blaming the UK tax system for his choice of competition.

So, it looks like we will have a long wait before seeing Usain Bolt in the UK again.

Should we blame the taxman ? or the greed of superstar sportsmen ?

Epping AccountantsTransform AccountingEssex Accountants

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