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ROYAL husband Mike Tindall has been claiming furlough cash for his business even though he is reportedly worth more than £15million.

The ex-England rugby star, 42 — married to the Queen’s grand-daughter Zara — sought government aid for the firm which manages his speaking engagements after they dried up.

Last year the England World Cup winner was named the globe’s fourth-richest rugby player — worth an estimated £15.7million — by Ruck magazine.

Accounts for his firm Kimble Trading Ltd, filed in December, state: “The outbreak of Covid-19 and subsequent restrictions imposed have led to a number of events in 2020 being cancelled.

“The company has taken advantage of all available government aid in order to support the business and its employees through the crisis.”

According to the accounts, the company has only one member of staff — believed to be Tindall himself.

It also appears on a government list of firms using the furlough scheme, which pays 80 per cent of a worker’s salary.

Tory MP Nigel Mills said: “It’s a bit rich for Mike Tindall to be taking money from the public purse.”

Tindall’s business accounts are published every year. Forensic accountant Steve Hale, of Perrys, examined them for The Sun.

He said: “Under normal circumstances, Mike Tindall appears to make most of his money through share dividends and interest-free loans from his company. Over the years he has ‘borrowed’ nearly £330,000, and every year he adds to this ‘debt’.

“It’s a way of taking money out of the business while paying less tax in the short term.

“He will also pay himself a small salary — small enough that he won’t have to pay National Insurance on it, probably around £730 a month.

Kawazaki wrote: Tue Feb 09, 2021 11:03 am

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ROYAL husband Mike Tindall has been claiming furlough cash for his business even though he is reportedly worth more than £15million.

The ex-England rugby star, 42 — married to the Queen’s grand-daughter Zara — sought government aid for the firm which manages his speaking engagements after they dried up.

Last year the England World Cup winner was named the globe’s fourth-richest rugby player — worth an estimated £15.7million — by Ruck magazine.

Accounts for his firm Kimble Trading Ltd, filed in December, state: “The outbreak of Covid-19 and subsequent restrictions imposed have led to a number of events in 2020 being cancelled.

“The company has taken advantage of all available government aid in order to support the business and its employees through the crisis.”

According to the accounts, the company has only one member of staff — believed to be Tindall himself.

It also appears on a government list of firms using the furlough scheme, which pays 80 per cent of a worker’s salary.

Tory MP Nigel Mills said: “It’s a bit rich for Mike Tindall to be taking money from the public purse.”

Tindall’s business accounts are published every year. Forensic accountant Steve Hale, of Perrys, examined them for The Sun.

He said: “Under normal circumstances, Mike Tindall appears to make most of his money through share dividends and interest-free loans from his company. Over the years he has ‘borrowed’ nearly £330,000, and every year he adds to this ‘debt’.

“It’s a way of taking money out of the business while paying less tax in the short term.

“He will also pay himself a small salary — small enough that he won’t have to pay National Insurance on it, probably around £730 a month.

tc27 wrote: Tue Feb 09, 2021 11:20 am Jeez - that a lot of cash for flogging RWC 2003 anecdotes.

Hal Jordan wrote: Tue Feb 09, 2021 12:41 pm Given the (unsurprising) revelations coming out concerning his wife's granny interfering to hide the extent of her wealth from the prying eyes of we filthy peasants (as well as sticking her oar in elsewhere), he's just joining in the Ruritanian bullshit of our beloved Royal Family.

Kawazaki wrote: Tue Feb 09, 2021 11:03 am

ROYAL husband Mike Tindall has been claiming furlough cash for his business even though he is reportedly worth more than £15million.

The ex-England rugby star, 42 — married to the Queen’s grand-daughter Zara — sought government aid for the firm which manages his speaking engagements after they dried up.

Last year the England World Cup winner was named the globe’s fourth-richest rugby player — worth an estimated £15.7million — by Ruck magazine.

Accounts for his firm Kimble Trading Ltd, filed in December, state: “The outbreak of Covid-19 and subsequent restrictions imposed have led to a number of events in 2020 being cancelled.

“The company has taken advantage of all available government aid in order to support the business and its employees through the crisis.”

According to the accounts, the company has only one member of staff — believed to be Tindall himself.

It also appears on a government list of firms using the furlough scheme, which pays 80 per cent of a worker’s salary.

Tory MP Nigel Mills said: “It’s a bit rich for Mike Tindall to be taking money from the public purse.”

Tindall’s business accounts are published every year. Forensic accountant Steve Hale, of Perrys, examined them for The Sun.

He said: “Under normal circumstances, Mike Tindall appears to make most of his money through share dividends and interest-free loans from his company. Over the years he has ‘borrowed’ nearly £330,000, and every year he adds to this ‘debt’.

“It’s a way of taking money out of the business while paying less tax in the short term.

“He will also pay himself a small salary — small enough that he won’t have to pay National Insurance on it, probably around £730 a month.

Ymx wrote: Tue Feb 09, 2021 7:49 pm He will have just nodded to his accountants recommendations

Unless Tindall is not a director of his company he would not be entitled to furlough himself.

Bimbowomxn wrote: Wed Feb 10, 2021 3:35 pm

Unless Tindall is not a director of his company he would not be entitled to furlough himself.

Yes he can be a director and receive furlough.

Bimbowomxn wrote: Wed Feb 10, 2021 3:35 pm

Unless Tindall is not a director of his company he would not be entitled to furlough himself.

Yes he can be a director and receive furlough.

SaintK wrote: Wed Feb 10, 2021 5:14 pm

Bimbowomxn wrote: Wed Feb 10, 2021 3:35 pm

Unless Tindall is not a director of his company he would not be entitled to furlough himself.

Yes he can be a director and receive furlough.

I can't see th issue with what he's done. He certainly won'tr be ther only wealthy individual to have done so

Openside wrote: Wed Feb 10, 2021 10:11 pm

Bimbowomxn wrote: Wed Feb 10, 2021 3:35 pm

Unless Tindall is not a director of his company he would not be entitled to furlough himself.

Yes he can be a director and receive furlough.

Has it changed from the first furlough?

Openside wrote: Tue Feb 09, 2021 5:52 pm
Borrowing money from your company is a short term measure as in the Company accounts if your directors loan account is in Debit you will be taxed on the loan amount.

duke wrote: Thu Feb 11, 2021 8:42 am

Openside wrote: Wed Feb 10, 2021 10:11 pm

Bimbowomxn wrote: Wed Feb 10, 2021 3:35 pm

Yes he can be a director and receive furlough.

Has it changed from the first furlough?

Directors were able to have furlough claimed on their behalf from the start. The interesting part for me is that the article says correctly that the company can claim 80% of his salary and then goes on to say that he will be drawing a small salary of about £730 per month but doesn't link the two together. 80% of £730 is just under £600 per month, not exactly stripping the Exchequer bare compared to some of the stories doing the rounds of companies furloughing workers then getting them to carry on with their jobs.

Ymx wrote: Tue Feb 09, 2021 7:49 pm He will have just nodded to his accountants recommendations

Torquemada 1420 wrote: Thu Feb 11, 2021 10:18 am

duke wrote: Thu Feb 11, 2021 8:42 am

Openside wrote: Wed Feb 10, 2021 10:11 pm

Has it changed from the first furlough?

Directors were able to have furlough claimed on their behalf from the start. The interesting part for me is that the article says correctly that the company can claim 80% of his salary and then goes on to say that he will be drawing a small salary of about £730 per month but doesn't link the two together. 80% of £730 is just under £600 per month, not exactly stripping the Exchequer bare compared to some of the stories doing the rounds of companies furloughing workers then getting them to carry on with their jobs.

There are some deeper nuances here. Not all directors are employees of their own companies and some who think they are have no formal contract of employment (although HMRC doesn't care here because these ones are paying tax and NI).

Ymx wrote: Fri Feb 12, 2021 7:57 pm Not aware of the loan thing. That’s naughty.

But say it’s 2.5%, which I think it is. That’s per year. So eventually it will match income tax no?
Or is it just planned that the company closes down with the debt unpaid.

Tichtheid wrote: Sat Feb 13, 2021 11:29 am My daughter's friend works two jobs in a care home, one as a part time carer and one in the kitchen. She also volunteers for St John's Ambulance.

She wasn't eligible for furlough because of her hours, so her flatmate had to cover the rent. She works in a nursery fulltime, so qualified for a furlough payment.

Still, it's nice to know the someone worth fifteen mill can claim some dosh to tide them over.

Dan54 wrote: Fri Feb 12, 2021 7:32 pm

Ymx wrote: Tue Feb 09, 2021 7:49 pm He will have just nodded to his accountants recommendations

Yep as most do. Although I was on a pittance in OZ with my little Pty Ltd company, when my accountant said you get this or that from Gov't I just went with her. What most of us pay accountants for.

Ymx wrote: Sat Feb 13, 2021 10:27 am My point is that it is not just 1 year you pay the 5%, it is perpetual.

You’ll pay 5% on the year 1 loan first year.

But in year 2 you’ll also need to pay £5k on it, as well even before another loan trench is considered.

After 8 years you’ll have paid 40%. After 20 years the whole 100%, but still owe the money.

So it doesn’t work out, unless and which was my question Tindall never repays anything not even interest, and let’s the debt accrue. And the company keeps issuing loans and paying £2k to the HMRC on the paper interest it accrues.

Torquemada 1420 wrote: Sun Feb 14, 2021 8:55 am

Ymx wrote: Sat Feb 13, 2021 10:27 am My point is that it is not just 1 year you pay the 5%, it is perpetual.

You’ll pay 5% on the year 1 loan first year.

But in year 2 you’ll also need to pay £5k on it, as well even before another loan trench is considered.

After 8 years you’ll have paid 40%. After 20 years the whole 100%, but still owe the money.

So it doesn’t work out, unless and which was my question Tindall never repays anything not even interest, and let’s the debt accrue. And the company keeps issuing loans and paying £2k to the HMRC on the paper interest it accrues.

In the absence of other income, an Income Tax allowance of £12k means no tax is due (theoretically) until the loans become sufficiently cumulative. Wind the company up --> write off the debt --> start again.

Ymx wrote: Sun Feb 14, 2021 9:00 am Surely that tax evasion under the more recent definitions?

Disguised remuneration??

Jimmy Smallsteps wrote: Sun Feb 14, 2021 3:35 am

Dan54 wrote: Fri Feb 12, 2021 7:32 pm

Ymx wrote: Tue Feb 09, 2021 7:49 pm He will have just nodded to his accountants recommendations

Yep as most do. Although I was on a pittance in OZ with my little Pty Ltd company, when my accountant said you get this or that from Gov't I just went with her. What most of us pay accountants for.

Fucking hell that's quite the bonus to be fucking your accountant.