S&W The Pulse

The importance of tax for professional sports people, part two; in this episode with Martin Rankin, we discuss the tax liability issues contented with image rights.Listen to part one on ‘Current issues with agent’s fees’.What is an image right?Image rights concerns the various rights an individual holds of their own persona, it is something that is intangible and they rightfully exist in varying degrees for commercial appeal. For example, could be someone’s name, nickname, photograph, likeness, signature, personal brand, a slogan, logos associated with the player etc.One of the phrases that the tax authorities state is the concept of an image right is one that is not recognised under English Law. It certainly is recognised in other jurisdictions such as France, Germany, the US. The Guernsey authorities have now produced a register where a high-profile or not so high-profile individual; living or dead, can come forward with the executors (in the case of deceased person) to register image rights as an asset tha

Over the next two episodes we’ll be discussing the importance of tax for professional sports people. In episode part one, Martin Rankin an Associate Director in our London tax group joins us, we’ll be discussing current issues with agent’s fees.Seeing a number of enquiries from HMRC in this area, querying the fees paid by clubs to agents in respect of player transfers and contract renegotiations.Common area where queries crop up with HMRC which struggles to understand the nature of transfer negotiations and the relationship between players, clubs and agents.  HMRC often seek for documentation confirming a position, which simply does not exist because the common way of doing business is word of mouth and on a handshake.What is the background to this issue?When player signs for a club there will be a fee due to the agent for the work carried on behalf of the club and the player, reflecting agent’s role as an intermediary bringing club and player together.Part of the fee relates to work done for the player and p

In this episode we discuss the Covid-19 vaccine announcement and whether this stock market strength can endure, particularly in the US, and also the implications for government bond markets. Vaccine progress has boosted equity markets throughout November, even if there are still logistical challenges. This makes it more likely that global GDP will reach consensus expectations of +5.2% growth in 2021, with less need to implement economically damaging national lockdowns. View all Investment Show episodes here along with the full episode show notes. www.smithandwilliamson.co.ukThis episode was recorded on 26/11/2020Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken

Smith & Williamson worked very closely with British Land this time last year designing, implementing and running a robotic automation process for the submission of approximately 240 of British lands tax computations. Sally Cowan at British Land led this project so I thought it'd be really helpful to hear Sally's views on the process on what went well, where we added value and of course, what we can do better this year.Head to our Tax Technology and Real Estate webpages for an overview on our services and how the teams can help your business.Tax Technology: https://bit.ly/35qZq7zBusiness Tax: https://bit.ly/38xZ6G1This episode was recorded on 05.11.2020 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction

In this episode we'll be discussing recent GDP and retail sales data and what this suggests about the economic recovery.Global equities have largely recovered from their losses in the wake of the pandemic sell-off in March, with fiscal and monetary stimulus helping support private consumption across the globe. Retail sales and residential housing have both seen strength in recent months. Can this last? *** Head to our website to view all Investment Show episodes and show notes: https://bit.ly/3dk3OGB This episode was recorded on 02/11/2020Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not

In this episode we’ll be discussing what impact the events of 2020 has had on financial planning.The main thing we are really seeing is peoples focus and priorities are really changing and what’s important to them in life, moving from city centers to outside cities and achieving work life balance. What is at the forefront of their minds is retirement planning and if they can afford to retire, cashflow planning; mapping out the rest of their life through the eyes of their finances, diversified portfolios and thinking about having an emergency fund.Head to the Financial Planning Show for all episodes: https://bit.ly/2U8F10uRelated articles:Now is an opportune moment to give your finances a health check: https://bit.ly/2GIi697Retirement and life planning - ensure you enjoy retirement from day one: https://bit.ly/3n5X5ET This episode was recorded on 30/09/2020 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequenc

In this episode we discuss how COVID-19 continues to drive market risk.There has been a pick-up in new Covid-19 cases across Europe - and with it, the prospect of another round of national lockdowns. This poses a major risk to markets, but it is not the only potential source of volatility. The Brexit deadline is looming, with just a few weeks to reach a Free Trade Agreement ahead of the European Council meeting. If an agreement is not forthcoming, it could lead to significant turmoil in financial and currency markets.Then there is the US election, which has been more contentious than most. Biden is still ahead in the polls, but Donald Trump has made it clear he won’t go quietly. History suggests that a disputed election may upset stockmarkets.[0.28] We’ve seen a pick up in new Covid-19 cases across Europe - and with it, the prospect of another round of national lockdowns. Is this a major risk to markets – and are there any other risks we should be thinking about?Yes, we see the risk of more lockdowns as the m

It would be difficult to argue against the claim that 2020 has so far been the most significant year within the legal industry since our annual law firm survey began back in 1994. In association with The Lawyer, in this episode we will discuss our key findings of our latest 2020 Law firm survey. Key themes being discussed: competitive pressure, business direction, lock-up, impact of the pandemic and working from home.Firms would have a right to feel nervous, but our survey respondents suggest that this isn’t the case. 69% of respondents feel reasonably confident about the business outlook for their firm, while 11% feel very confident. Just 20% feel not very or not at all confident, which is perhaps low considering the impending economic shocks.When we look back to our findings in 2008, confidence was much lower; 42% of respondents were feeling not very or not at all confident in their business outlook following the global financial crisis. The source of confidence in 2020 isn’t particularly clear.It could ste

In this episode we discuss an improving UK economic outlook, but with labour market uncertainty.The UK reported a record 20.4% slide in real GDP decline in the second quarter of 2020 as government lock-downs to limit the spread of the coronavirus took their toll. This was the worst decline on record.However, as many lock-down measures have been lifted, the more recent monthly data showed a significant improvement in June, an encouraging sign that the economy is moving in the right direction.August has a few anniversaries in British history: the 400th anniversary of the Mayflower’s departure from Southampton; the 75th anniversary for Victory in Japan in the UK and the 250th anniversary for when explorer Captain James Cook claimed Eastern Australia for Great Britain. Let’s talk about another date, 12 August, that might be a future candidate. Yes, this was the day the UK reported a record non-annualised 20.4% real GDP decline in the second quarter of 2020(1), in response to government lockdowns to limit the spre

In this episode we will be discussing what Impact and recovery COVID-19 has had on sports professionals.In unprecedented times, it feels like an understatement given the impact COVID-19 has had on world affairs and of course team sports. We’ll drill down on how different people have been affected in vastly different degrees. This period has been a time of reviewing for advisors, to generate discussions on what this means for players and how it affects lifestyle going forward. It has also changed the players attitude towards their finance, taking more of a keen interest more than ever.Impact in Rugby Union As of the 30 June 2020, more than 50 premiership players found themselves out of contract, a large proportion of those were negotiating deals back in March. During lockdown – all those negotiations were put on hold and some players had provisional contracts rescinded. A fortunate few have found new clubs, although most are on short-term deals or reduced wages for the remainder of the season.95% of rugby play

In this episode we discuss the growing attractiveness of non-US markets and large US technology stocks.Much of the recent rally has been led by the US market and large technology stocks in particular. While the crisis has created significant demand for video conferencing, social media and e-commerce, the rise in market value for many technology stocks has far exceeded their increase in profits.At the same time, big tech faces some political risk from the US election in November, with the potential for a regulatory backlash should the Democrats win a clean sweep. Any corporate tax hikes could also knock earnings. As such, the outlook for US stocks is less appealing. In this month’s Investment Show, we discuss why we are seeing greater opportunities outside the US. We believe emerging markets may be poised for a stronger run, benefiting from a weaker Dollar and lower valuations.  Sources:Refinitiv Datastream, data as at 31 July 2020Have Equities Become A Bubble?, Gavekal, 10 July 2020Refinitiv Datastream, data

In this episode we discuss the new business cycle that is starting. Global equities (as measured by the MSCI All Country World Index) rose 19% in the second quarter, the strongest rally for 11 years. Equities have now retraced 72% of the prior falls since the COVID-19 outbreak led policy makers to lock down whole economies earlier this year1. Markets are optimistic that a new business cycle has started after a short, sharp recession. There is some evidence of this happening with consumers spending in the shops again following the easing of restrictions. For instance, UK underlying real retail sales (excluding auto fuel) rebounded by a record +10% in the month of May, after a -15% collapse in April.We see three reasons to believe that this business cycle could be extended beyond an initial bounce in growth. First, the pandemic was an exogenous event, rather than a domestic shock triggered by economic imbalances, even if revenues in selected sectors, such as travel, could take years to recover to pre-COVID-19 l

Following on from our previous episode with Mo Pasricha from Mackrell, in this episode we are join again by Mo and Manisha Hurchurn from Mackrell, to discuss the importance of family law issues.[2.29] Co-habitation agreementsScenario: A professional athlete is considering moving their partner into their property. They potentially could be earning millions, own a big house, could be mortgage free. They think everything is fine and will remain the same when they move their partner into the property.This may not the case. This scenario is suggesting to the partner; this is your home, this is as much of yours as it is mine, you can do what ever you want here, this is 50/50, it’s my name on the legal deeds etc. If the relationship takes breaksdown, this could lead in giving the partner an interest in the property. It would be very wise to seek advice on entering into a co-habitation agreement. You would be recording your intentions of moving in together. Intentions can be very broad or specific to what this contai

In this episode we discuss the post-Brexit transition period extension talks with the EU are a short-term risk for sterling. Unsurprisingly, following the COVID-19 induced lockdown, the latest UK macroeconomic data has slumped. April underlying retail sales volumes (excluding fuel) registered a record decline of 18% from a year ago, while consumer confidence has fallen to levels last seen in 2012. The independent Office of Budget Responsibility forecasts a near 13% real GDP decline for 2020. If correct it will be biggest decline since the Great Frost of 1709, which was the coldest winter in Europe for more than 500 years.LINKS*** Head to our website to read the full episode show notes https://bit.ly/3dk3OGB*** View and subscribe to our monthly Investment Outlook publication https://bit.ly/2BHpsa1 This episode was recorded on 28/05/2020Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past

In conversation with Paul Hodkinson, editor of Legal Week, Head of Professional Practices Giles Murphy discusses the key issues affecting the UK’s top 50 law firms and what law firms could do to improve their resilience as they manage today’s difficult environment. The legal market saw another strong year, with buoyant demand for legal services driving strong revenue and profit growth across the sector. However, with little improvement in lock-up or cash levels, the sector looked vulnerable as it headed into the Covid-19 crisis. We delve into the issues affecting the legal industry: why are efficiency gains proving stubbornly hard to achieve? How can the sector address the problem of lock-up and improve its cash position? Is it too late?We provide in-depth analysis, in association with Legal Week, of law firm LLP accounts for the year 2018-2019. Using recently filed data from Companies House, we look at everything from debt levels to profit margins to partner capital to build robust insight into the health of

In this episode Mo Pasricha joins us from Mackrell Solicitors, covering legal matters sports professionals should consider when signing contracts, such as clauses; clear terms, bonuses, endorsements and boot deals. Plus discussing driving offences. [2.31] Contractual matters Things tend to go wrong quite quickly when players have signed contracts which essentially have not been reviewed by legal or a tax adviser. Importance of signing up a contract correctly predominantly comes from the fact English law doesn’t allow you to set up a contract verbally. You may agree with your agent or your club and that may not be in the contract that you end up signing, or you thought that was in the contract you were signing.Importance of having someone from legal or financial background looking at the contract comes down to a few principals in English law that are worthwhile setting out at the beginning:any contractual agreement should be used in the natural and ordinary meaning: it must be in clear laymen’s termsEntire agr

Jamie Waller, a serial entrepreneur, a philanthropist, an author and another successful business grower. In this episode we hear Jamie’s story, how and why he became an entrepreneur.  What inspired him along the way, and what were some of his darkest days. For Jamie Waller, founder of JBW, Hito, SMYL and Firestarters, leaving school at 16 and realising he needed to make money was a great lesson and gave him a head start in entrepreneurship. He has spent his life building 'unsexy' businesses. He talks to Nick Travis about jhow, why and what next.***LINKS***Smith & Williamson Entrepreneur Show page: https://bit.ly/2YX25mj Jamie’s Hall of Fame profile: https://bit.ly/3fDs0FJ Unsexy business book: https://amzn.to/2WJAPVT The Prince’s Trust: The Prince’s Trust helps tens of thousands of young people turn their lives around every year through free programmes that offer financial, practical and emotional support. http://www.jamiewaller.co.uk/foundation/ The IMPS Online: https://www.impsonline.com/ Just Founder:

In this episode we discuss the impact of lockdowns on global growth, including employment and retail sales. We ask whether it is possible to draw any firm conclusions about the prospects for corporate earnings against this backdrop.We also discuss the impact to investors’ income stream as companies cut dividends, discussing why they should look towards overseas income and corporate bonds as potential alternatives. *** Head to our website to read the full episode show notes https://bit.ly/3dk3OGB*** View and subscribe to our monthly Investment Outlook publication https://bit.ly/2zZFfjA 

In this special education  episode, we talk about meeting the costs of education and what you will need to consider.View the full education university fee article on our website, which provides you with all the information you need to know on fees, covering breakdown of costs of intuition fees, living costs, accommodation etchttps://smithandwilliamson.com/en/insights/an-education-in-university-fees-planning/?utm_source=simplecast&utm_medium=podcast&utm_campaign=financialplanningFor more information on Financial Planning, visit our service page https://smithandwilliamson.com/en/services/personal-financial-planning/ or get in contact with Anne McClean https://smithandwilliamson.com/en/our-people/anne-mcclean/or Leigh Cecil https://smithandwilliamson.com/en/our-people/leigh-cecil/ This episode was recorded on date 26/02/2020 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or r

In this episode we discuss these very unusual market conditions and trying to provide some insight into what might happen from here.Global equities have fallen at a rapid pace since peaking in mid-February. It took just 19 days (on 12 March 2020) for the US S&P 500 index to enter an equity bear market (defined as a drawdown of more than 20%). This is the fastest on record from data going back over 100 years. We are in the midst of an unprecedented event for society and markets. This makes it difficult to give any short-term predictions with any certainty. These are difficult times, but we are encouraged by the scale of response by policymakers. *** Coronvavirus Hub link https://smithandwilliamson.com/en/insights-landing/covid-19-hub/?utm_source=simplecast&utm_medium=podcast&utm_campaign=covid19  *** Head to our website to read the full episode show notes https://smithandwilliamson.com/en/insights-landing/sw-the-pulse/investment-show/rising-market-risks-from-the-coronavirus-outbreak-april-2020/ ***