• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Sponsorship

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Sponsorship

    Afternoon, I have this friend who is a budding motorcycle racer, he is doing his first season. As with any motorsport it is often cost prohibative.....so he is looking for sponsorship

    I wondered if I (my co ltd) could sponsor him, would there be any cap on the amount and how would I account for it?

    Thanks

    #2
    It would be allowable if you can prove it's for the purposes of the trade, but not if it's deemed to be personal. HMRC will look into your motive for making the payment, and as it's sponsoring a friend for an event that's unlikely to get you extra business it would be hard to argue that it's business related. Have a read through their guidance here:

    Specific deductions: advertising: sponsorship: purpose
    ContractorUK Best Forum Adviser 2013

    Comment

    Working...
    X