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

Notice Board (General Karting)

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

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davidmcJoined: April 2003
Total Posts: 2
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Your best course of action in such cases is to seek the advice of a professional and get them to document their advice.

HMRC are generally pretty reasonable. If you have sought professional advice and this was the wrong advice, whilst you will have to correct your accounts and pay the appropriate amount, they will be unlikely to levy a penalty against you (and these penalties can be substantial).

Regarding tax in general, little is clear cut, especially regarding sponsorship, subscriptions, memebership fees etc. The HMRC spends a lot of time in court arguing over points of law and legal precedence. There was one case where a company director/owner was taken to court because his company was paying for his motorsport (benefit in kind or non-deductable for corporation tax purposes). He won his case by claiming that his business relied on the clients obtained at these events and that, were the situation different, he would prefer to spend the money racing yachts.

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' << You are here!

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' (05 Oct 2011 @ 8:11)

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