
Once upon a time, there was a land where dreams came true
Or they did if you wished upon a star anyway*.
However, some who went in search of this magic kingdom wanted to become the very star themselves, or at least snaffle a cameo role to add to their portfolio.
Now, the leaders of this magical kingdom knew this and they sent out heralds throughout the land to search for the next plucky performers who wanted a shot at stardom.
They let it be known that their envoys would visit several UK cities in early 2023 to hold auditions for new ‘cast members’ although as yet they have not actually confirmed when they would be taking place.
Anyway, logistics aside, a wonderful tale of joy, opportunity and dreams coming true was in the making. All of a sudden, with a twinkling of bells, the Fairy TaxMother appeared.
‘Well this is all rather lovely,” the Fairy TaxMother exclaimed!
‘It could be a wonderful opportunity for lots of aspiring performers to kickstart their careers and portfolios.
‘However, (the Fairy TaxMother glanced around nervously and whispered behind her hand) I would urge them to ensure that they do keep their records because this is not a tax break, even though it might seem like a holiday!” With that, the spell was broken.
Because meanwhile, far, far, FAR, away from the magic kingdom was another realm built on totally opposite tales of improbabilities, calls on hold and crushing realism.
They called it the In-Land (Revenue)
Luckily, the Fairy TaxMother has access to both realms, by means of some VERY exciting qualifications that she won’t bore the readers with right now.
Suffice it to say that she speaks their language and understands their customs.
Here’s her advice when returning to these lands from the Magic Kingdom (or other foreign lands).
‘Plenty of performers think if they’re paid from a foreign country into a currency bank account or even a currency bank account abroad, they don’t have to include it in their UK tax return, because; “Well it wasn’t paid in GBP” or “It was paid to me into my French bank account.”
‘Unfortunately, your UK tax return covers your worldwide income, if you are a tax resident in the UK.
‘Bear in mind that Inland Revenue departments in different countries do talk to each other. So if people have been paid overseas, especially in Europe and have had withholding tax deducted from them, then that will get reported back to the UK government.
‘The bottom line….don’t let a Disney finance fairytale become a tax tale nightmare.
And with that, the Fairy TaxMother disappeared in a cloud of tax deductible pyrotechnics until the next time that she can crowbar a fairytale into a tax on earnings angle!
*Disclaimer – past wishing and reported success of said wishes may not indicate future wish based success. Not ALL dreams come true.