Sponsoring myself to compete in a sport

[Wanderer]

If, on the other hand, you sponsored an unconnected person, it would be much easier to justify of course - whether you achieve any business from it or not.

I wonder if that happens. I mean wouldn't it be a great karma if a business sponsored some unrelated person and some unrelated person sponsored them in return.

[Eirikur]

If I would sponsor my two kids to receive private education tallying up to almost 30k per year at the moment, using the excuse that they would be my successors as directors of the company would that be an acceptable excuse for HMRC?

[Craig at Nixon Williams]

If I would sponsor my two kids to receive private education tallying up to almost 30k per year at the moment, using the excuse that they would be my successors as directors of the company would that be an acceptable excuse for HMRC?

This would not be a commercial business expense and so should not be claimed!

If you need an excuse to do something then it immediately rings alarm bells in my head.

[TheCyclingProgrammer]

Yes YourCo can sponsor you if it likes, but it probably wouldn't be allowable for CT relief and there's probably also a risk that it is deemed a BIK.

Ask yourself: is it wholly and exclusively for business purposes? Would YourCo sponsor somebody's Motorsport career if it wasn't you? I think we all know the answer to those questions.

[GlenW]

Hi all,

I'm currently trying to figure out if it's possible for me to sponsor myself through my ltd company (of which I'm the director and sole employee) to compete in a form of motorsport.

I can use the car for advertising the company name (I'm an O&G engineering consultant) but don't know if this is justifiable. I suppose there could be potential clients watching?

Any thoughts?

Cheers.

Quite few BTCC teams are sponsored like this.
In fact the WTC AON team is paid for by daddy's company so Tom Chilton can be number one driver.

Liam 'Flymo' Griffin got a few seasons in decent cars by sponsoring the teams on condition he drove.

My sprogs are determined to get into Ginetta Juniors so I'll have to look into it soon.

[riffpie]

This would not be a commercial business expense and so should not be claimed!

If you need an excuse to do something then it immediately rings alarm bells in my head.

I find it highly amusing when people try and convince *me* that their hare-brained schemes are legit. Like it's my call or something. Same goes for anyone other than the governing bodies of whatever they're on about.

[JRCT]

Hmm, what's this O&G line of business? Oil and Gas? Obstetrics and gynaecology? If the motorsport isn't really closely related to your business then it's probably not going to work but run it by your accountant because I'm sure they would like a good laugh.

However, if you worked on (say) designing data logging systems for race cars then sponsoring motorsport might be allowable in that it's going to be a good way to get yourself "known in the business" as well as providing valuable input to your products R&D.

All motor cars need O&G.

[MicrosoftBob]

What, like sponsoring yourself to attend the Munich Beer Festival as long as you wear a MyCo T-Shirt? Or a Hash-a-Thon in Amsterdam?

Over to you, NLUK

I know a journalist in America that puts lap dances as a business expenses and then bills his client for them

But sponsorship like that you have to be something like Oracle to get away with it

[TheFaQQer]

I know a journalist in America that puts lap dances as a business expenses and then bills his client for them

But sponsorship like that you have to be something like Oracle to get away with it

Like this - Oracle Sued By Strip Club For Refusal To Pay For 'Services': SFist

[oracleslave]

have to be something like Oracle to get away with it

Ahem. I pay NladyUk out of Myco's petty cash. Win/win.