Template - Date: Accounting and Taxation Guidance for PDPA Members

We at the PDPA recognise the many challenges facing our members during the COVID-19 pandemic and are continuously working hard to make sure we provide as much information and support as possible during this period.

 

 

Adrian Grainger, of the PDPA’s Official Accountant Partner Griffiths & Pegg, has provided some helpful information regarding accounting and taxation for our members: Professional Darts players, like many sports players who are not under an employed contract, have seen their income streams come to an unexpected halt.

Through our partnership with the PDPA, Griffiths & Pegg is happy to provide information and guidance on any matters relating to tax and accounting in this unprecedented period and beyond. The options available to PDPA members depend upon the legal status that they trade under. I have briefly outlined these options for the two most common statuses below but encourage any PDPA member of any nationality or employment status to contact me for a free consultation.

1) Through a Limited Company

You are able to lay yourself off (together with any other employees) via The Job Retention Scheme. This is called being furloughed.

As long as you are not “trading” (including earning prize money) you can claim 80% of the income that you declare through your monthly PAYE scheme.

This can be backdated to the day after you last played in a professional tournament.
Income drawn as dividends does not count as part of this grant claim.
This scheme launched on 20th April.

Contact [email protected] for a free consultation or more information.

2) As a Sole Trader

The Self Assessed Income Support Scheme is a similar grant for non-employees, who are entitled to claim 80% of their average monthly profits over the two years up to April 5, 2019.
Submitted tax returns will show these figures already.
This is available to UK tax-paying self-employed players with a trading profit up to £50,000 a year. The maximum claim is £2,500 a month.
This is unlikely to be paid until June with HMRC contacting all Sole Traders very soon.

In addition, self-employed players who were due to pay tax on July 31, 2020 will have this deadline deferred until January 31, 2021.

Contact [email protected] for a free consultation or more information.

The financial impact of COVID-19 is affecting everyone, and it is important that PDPA members are aware of the additional support that may be available.

Universal Credit

The Government has confirmed that self-employed workers (including professional sportspeople) will be able to access Universal Credit via the Universal Credit website, dependent upon individual circumstances.

PDPA Emergency and Hardship Funds
The PDPA have announced two financial support initiatives to help players in need of help.

The PDPA Emergency Fund is a non-repayable grant available to any PDC Tour Card Holder with an immediate and desperate need of financial support.
The PDC & PDPA Hardship Fund is a repayable advance against future prize money to help ease the burden of the impact of COVID-19 and is also available to any PDC Tour Card Holder in need of financial support.

Free Consultation

Each individual’s circumstances and status are different, and their specific situation should be discussed with a tax adviser.
As part of our commitment to the PDPA, we are pleased to offer a FREE consultation to any existing client or non-client to discuss any of the above issues or any other questions.

Please contact [email protected] or call 01384  566188 for a free consultation or more information.