UK Karting - Notice Board (General Karting) : Re: Kart Clubs

Notice Board (General Karting)

Re: Kart Clubs - Are they VAT registered?
Posted by 'DavyBoy' on 05 Oct 2011 @ 08:11

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DavyBoyJoined: July 2005
Total Posts: 1
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In terms of VAT registration, if you exceed GBP73,000 in annual turnover you are compelled to be VAT registered.

In terms of sponsorship, there is no problem with sponsoring motorsport activities for advertising purposes and treating the expenses incurred as tax deductible. If the motorsport being sponsored is undertaken by a principal of the company doing the sponsoring, then the transaction will be deemed a 'related party' transaction and will need to satisfy HMRC's rules on RP. They will generally like to see that the transaction(s) took place at arms length and at market rates.

From a practical perspective, provided all invoices go directly to the company [and not through you] and the amounts are relatively small [in comparison to the size of the business], HMRC will generally not take an interest in the matter.

As in all cases with tax... there are the rules and the practical application of them. A good tax accountant will be able to help you through the latter.

Message Thread:

Kart Clubs - Are they VAT registered? by 'Dunny' (03 Oct 2011 @ 21:04)

Re: Kart Clubs - Are they VAT registered? by 'SimonS' (03 Oct 2011 @ 22:49)

Re: Kart Clubs - Are they VAT registered? by 'Graham S' (03 Oct 2011 @ 22:49)

Re: Kart Clubs - Are they VAT registered? by 'buzzinrussell' (04 Oct 2011 @ 12:02)

Re: Kart Clubs - Are they VAT registered? by 'Newshound' (04 Oct 2011 @ 12:08)

Re: Kart Clubs - Are they VAT registered? by 'AlfieMoon' (04 Oct 2011 @ 12:46)

Re: Kart Clubs - Are they VAT registered? by 'buzzinrussell' (04 Oct 2011 @ 13:45)

Re: Kart Clubs - Are they VAT registered? by 'davidmc' (04 Oct 2011 @ 14:57)

Re: Kart Clubs - Are they VAT registered? by 'SteveBarlow' (04 Oct 2011 @ 22:57)

Re: Kart Clubs - Are they VAT registered? by 'richydehav' (05 Oct 2011 @ 7:49)

Re: Kart Clubs - Are they VAT registered? by 'DavyBoy' << You are here!

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