A TAXING NIGHT FOR THE EURO 24 ENGLAND SQUAD. GROUNDHOG DAY?

EURO 24 SQUAD AMIDST THEIR WOES.

Gareth Southgate waved to fans amid questions about his future as the England team left their Berlin hotel to begin their journey home after losing in the final of EURO 24.

EURO 24

The England manager, who is contracted to the end of EURO 2024, is pondering whether to stay on for the next World Cup in the USA, Canada and Mexico amid calls for him to move on as those close to him claimed he is poised to quit. But will EURO 24 be Mr Southgate's swansong?

The squad, who endured Euro 24 final heartbreak after losing to Spain, will return to London on a private jet at lunchtime.

The team stayed at the Ritz Carlton Hotel in Berlin but checked out at 9am this morning. Stars including Jude Bellingham, Harry Kane all looked forlorn as they walked to the team coach.

The return flight comes as England waits to see if Southgate will resign as England manager after his second straight defeat in a Euros final - amid growing rumours that the defeat to Spain will be his last game.

Had England won the EURO 24 final in Berlin last night, an open top bus tour of London was planned. But now the team will head straight home when they leave Germany and land in the UK later.

An FA spokesman said: "England's players and staff will be travelling back from EURO 24 on a charter flight and will leave the airport via a private terminal, so there will not be an opportunity for the public to greet them on arrival.

"We thank you, our incredible fans, for all of your support throughout the EURO 24 tournament."

THE STARS WERE WATCHING EURO 24

A milestone match, A-listers jetted to the Olympiastadion in Berlin for the EURO 24 final on Sunday. As England took on Spain, new Prime Minister Keir Starmer were spotted in the stands, as was former England footballer Peter Crouch, and everyone's favourite father and son duo, Martin and Roman Kemp.

Celebrities have been left devastated after the EURO 24 championship trophy did not come home, again, following England’s loss.

The team lost 2-1 to Spain after a heated final in which the winning goal was scored at the 87th minute.

It marks the second time England has gotten close to winning a football final since 2021, with the last time being the team’s World Cup win in 1966.

Prince William was in the stands to see England play alongside his son Prince George, and prime minister Keir Starmer. George showed horror at the Three Lions’ loss, as he held his hands to his face in disbelief, as the EURO 24 trophy slipped away.

However, King Charles has since told the football team to “hold their head high”.

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wimbledon

WIMBLEDON HIGH EARNERS

Funds generated by The Championships, including wimbledon prize money, less tax, are used by the LTA to develop tennis in Great Britain.

In December 2008, the Club and the LTA agreed that the LTA would benefit from receiving 90 per cent of any distributable financial surplus resulting from The Championships until at least 2053.

AELTC would acquire the LTA's 50 per cent share of ownership in All England Lawn Tennis Ground plc (the company which owns the Wimbledon tennis site and facilities). Capital therefore became freed up in 2013 for the LTA to invest in British tennis and its facilities at all levels, not just Wimbledon.

For the Club, who originally gave this 50 per cent shareholding to the LTA in 1934, the transaction returns to the Club full ownership and control of the site, enabling it to continue its central objective to maintain The Championships as the premier tennis event in the world, with facilities to match.

Top players choose Monaco as a Tax Haven. Why not Wimbledon?

Novak Djokovic may be the most famous Serbian athlete on the planet, but it’s the tiny principality of Monaco that he calls home. Indeed, five of the ATP’s top-ten ranked players claim Monaco as their primary residency, and it’s easy to see why.

Located on the French Riviera, the 500-acre microstate enjoys more than 300 sunny days a year, it’s a short flight from several European capitals, and it has access to top training facilities, including the famed Mouratoglou Tennis Academy, which is less than an hour away by car.

But there’s another advantage for star athletes and the ultra-rich. Monaco is a tax haven, unlike wimbledon, with no personal income, capital gains or investment taxes. For tennis’ top earners—such as Djokovic, ranked No. 1 on Forbes’ list of the world’s highest-paid tennis players with estimated earnings of $38.4 million over the last 12 months—the savings could be worth millions.

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AVERAGE CIS TAX REBATE

It really does depend on a number of factors, however one thing we can promise. Simply by going to our claim page, filling out the online form which registers you as a client, will ensure that all of your tax affairs are taken care of, and you will most definitely receive your full entitlement. And this, for most clients, leads to well above the average cis tax rebate.

Construction worker? A quick guide to CIS for UK Tradespeople

For all of you self-employed workers in the construction industry it’s well worth brushing up your knowledge around the Construction Industry Scheme (CIS) tax rules, and of course get well versed on the average cis tax rebate.

In a nutshell what this means is that under CIS the contractor that has hired them must legally be withholding tax on their behalf before the self-employed individual is paid. Many self-employed workers in the sector are still unaware of this, meaning they’re declaring their income twice and should therefore receive a rebate from HMRC. There are also certain steps that self-employed construction workers can take to increase that rebate, and prevent them from getting well below the average cis tax rebate. But do your clients know this?

average cis tax rebate

Average CIS Tax Rebate - What are the CIS rules?

In years gone by, subcontractors were often paid cash in hand. It wasn’t really legal of course, but it happened. And that meant a huge headache for HMRC when it came to chasing the tax.

With that in mind, the government launched the Construction Industry Scheme (CIS) as a more formal way for contractors, subcontractors and other construction workers to pay their income tax.

Follow the below link to a handy HMRC guide

Construction Industry Scheme: a guide for contractors and subcontractors (CIS 340) - GOV.UK (www.gov.uk)

Is my trade included under CIS?

As long as you work somewhere in the construction or labouring sector and isn’t full time employed they’re entitled to use the CIS scheme. This includes:

  • Builders
  • Bricklayers
  • Painters
  • Plasterers
  • Carpenters
  • Demolition experts

This isn’t an exhaustive list, therefore if any of you are self-employed construction workers of any kind you should be encouraged to check with your contractor to confirm their eligibility.

What’s the biggest benefit to registering for CIS?

The most notable benefit is that you will pay less tax - 20% will be deducted from your salary instead of the 30% that those who aren’t registered for CIS must pay. Unless you earn more than £50,270 per year, this exceeds what they owe in tax, hence the overpayment and subsequent rebate.

It’s also worth mentioning that some contractors will not let subcontractors onto a site without them being registered for CIS beforehand.

You can reclaim their overpayment by completing a year-end tax return in the normal way, and of course that is where we come in. Simply click CLAIM NOW on this site and we will formulate your tax return and rebate claim for you.

What are allowable expenses under CIS?

Under CIS there are certain allowable expenses. It is essential to maximise these and not leave anything out as the more expense equals the less taxable profit, which means a higher average CIS tax rebate. They include:

  • Staff costs: Salaries/wages, pensions, subcontracted labour, employers’ NICs, staff/employee benefits, employment agency fees
  • Professionals’ fees, for example money paid to surveyors, solicitors and accountants
  • Costs relating to carrying out work away from home. For example, travel fares, food and accommodation
  • Business-related tools, equipment or other consumables
  • Raw materials and production costs
  • Subscriptions paid to a Trade Union
  • Payments made to subcontractors where tax has not been deducted
  • Costs relating to administration and running an office: office supplies, internet/landline costs, printing, computer software, postage etc.
  • Subscriptions to professional journals in the field, or to professional bodies
  • Vehicle costs, for example insurance, fuel, breakdown membership, repairs, servicing, MOTs and parking
  • Financial overheads: Business insurance, bank, credit or overdraft charges, loan interest payments or any other financial commitments
  • Business premises repairs and maintenance repairs
  • Utilities costs: Rent, insurance, gas, electricity, security, insurance. If working from home, it must be clear how long it’s actually used for business purposes
  • Advertising costs, for example sending out samples or paying for a newspaper ad.

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What is not classed as an allowance expense under CIS?

Under CIS, you will not be able to claim for:

  • Work carried out that was separate to the business
  • Anything purchased specifically for private use
  • Legal fees that relate large purchases such as property
  • Personal travel, for example between home and work
  • The purchase of vehicles
  • Hospitality, events or entertaining
  • Loan, overdraft or financing repayments
  • Charitable donations or payments made to clubs or political parties
  • Any recoverable costs relating to insurance claims
  • Legal costs and fees in relation to illegal actions, fines or disputes
  • Bad debts that are not included in turnover, or any debt relating to a fixed asset
  • Personal utility costs
  • Ordinary clothing even if there is a dress code (but not uniform)
  • The depreciation of stock, equipment or other assets
  • Costs relating to the maintenance or extension of buildings
  • Repair of any non-business related premises
  • Rent or mortgage payments for their private home
  • Everyday food and beverages (unless classed as business expenses due to working away from home)

So how is it possible for me to increase my average CIS tax rebate?

There are several things you can do here, and the most obvious one is claiming all your expenses. Too many people are over-cautious when it comes to knowing every single business expense they can claim, which is why it’s important to know what you can include. Don’t  miss off expenses you are perfectly entitled to claim back from HMRC.

For instance (and this is a common one), as previously mentioned you may well be able to reclaim certain expenses incurred when working from home. It’s simply a case of apportioning household costs to actual working hours – if this feels like a headache to you, don’t worry simply send us an email and we will advise you.

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CLAIM CIS TAX REFUND - How to get the maximum Tax Rebate (selfemployedtaxback.com)

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CIS tax rebate (selfemployedtaxback.com)

CIS tax return. Get it right and secure the maximum rebate. (selfemployedtaxback.com)

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