For a small hall fighter selling tickets when would they pay tax
100% of their ticket sales
After paying the journeyman
Or after the spit will the promoter
Boxers Tax
Boxers Tax
Last edited by tim99b on 23 Nov 2018, 09:01, edited 1 time in total.
Re: Boxers Tax
Doubt you will see any smallhall boxers paying tax
Re: Boxers Tax
most small hall guys dont clear enough for tax in a year after they put in the reciepts for medicals,petrol training expenses,gym equipment,shorts,supplements. Untill they get to a good level its hobby they pay for in the most part.
Re: Boxers Tax
You only pay tax on profit which is purse minus all expenses trainers and managers fees plus all other expenses so if they did pay tax it would be a minimal amount
Re: Boxers Tax
Seriously?
They will pay tax at the normal rate at any money they pocket which would be classed as earnings. They are not going to taxed on selling tickets if the money then goes somewhere else. At the end of the event, they pocket a sum, that is an earning. They are taxed each year at the same rate as me and you.
Fck me
They will pay tax at the normal rate at any money they pocket which would be classed as earnings. They are not going to taxed on selling tickets if the money then goes somewhere else. At the end of the event, they pocket a sum, that is an earning. They are taxed each year at the same rate as me and you.
Fck me
Re: Boxers Tax
They are subject to income tax in the same way as any other self-employed person - they need to file their own return and HMRC are likely to make enquiries if they don't. That's why when new boxer applicants go to their Area Council for interview for their licence, the Council tells them of the importance of keeping receipts (i.e. evidence of expenses) and financial statements. If you can't evidence your deductions, HMRC are likely not to allow your deductions, and if you can't evidence the gross amount you were paid, HMRC may estimate it (and are unlikely to underestimate).
Why the query, out of interest?
Why the query, out of interest?
Re: Boxers Tax
Plus (OP) you may be misunderstanding the legal capacity in which the fighter is selling the tickets. If the fighter has to sell, say, 100 tickets at £30 each, he has not bought those tickets from the promoter first - he is selling them as agent for the promoter and the monies belong to the promoter. (Legally, one of the ways that proves this is that the fighter has to return unsold tickets to the promoter, showing that they are not the property of the fighter in the first place). It is from those monies that the fighter's purse (and the journeyman's purse) is paid. So in usual circumstances, the income from ticket sales is not the income of the fighter, nor would he get a tax deduction from that amount for what the journeyman gets paid, what the promoter keeps, and so on - that would be an issue for the promoter. In terms of the fighter's income tax, that would mean the fighter's income for the fight is his purse, not the income from tickets sold.
There may be other ways of structuring the ticket-deal relationship but I have not heard of them.
There may be other ways of structuring the ticket-deal relationship but I have not heard of them.
Re: Boxers Tax
Like any self employed person, you keep all of your receipts, inc for petrol and kit, even a part of the electric in the house, and car repairs, then at the end of the year if you are above the tax threshold, you have to pay the rate on your earnings