Share this content

Professional athlete with split income

We have a client who's income is divided between sponsorship and prize money. How should he be paid?

Didn't find your answer?

We have a client who earns his living as an athlete.  His sponsorship money is paid through a UK LImited Company but prize money is paid to him directly.  He has been told that 30% of this can be directed towards his company, but I have no experience of this area.  Anyone helpfully point me in the right direction?


Replies (2)

Please login or register to join the discussion.

By Accountant A
24th Jul 2019 20:49

Sounds unlikely. He, personally, is the one winning the prize.

Have you looked at the HMRC BIM on the subject of athletes' 'trading'?

Thanks (1)
Replying to Accountant A:
By KungFuKipper
25th Jul 2019 10:14

I have - sometimes what the client hears from others is a little difficult to track down in reality. The BIM in this instance gives no clarity, nor makes any reference to the ‘30% rule’. I’m not surprised, this is most likely to be an accountant’s interpretation of the rules diluted and confused by another athlete before being passed on to our client.

Thanks (0)
Share this content