Been thinking of doing some racing like mighty minis series. I'll run this past my accountant but does anybody know if my Ltd could sponsor my efforts. 
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My accountant said if I was to sponsor his son he would make sure it was tax deductable! I had a huge racing interest at the time.....Originally posted by badger7579 View PostBeen thinking of doing some racing like mighty minis series. I'll run this past my accountant but does anybody know if my Ltd could sponsor my efforts.
75% it would go though if your accountant allows it (depending on your accountant!) - but if they sniff round they will crawl up your a**e if they find it!!!
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A guy I used to work with used to sponsor his local pub football team - it cost him very little each year, but he got way more back in terms of free beers in the pubRule Number 1 - Assuming that you have a valid contract in place always try to get your poo onto your timesheet, provided that the timesheet is valid for your current contract and covers the period of time that you are billing for.
I preferred version 1!Comment
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I asked this once before, and the answer was probably not. It might be different if you sponsor somebody else, but if it's so you can have fun it's a bit hard to justify it as benefiting the business.Will work inside IR35. Or for food.Comment
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An option I have seen two enthusiasts use who raced in different categories, was to sponsor each others cars for equal amounts. I've absolutely no idea if the revenue stamped all over them, but they were happily doing it 2 years ago and had been for a decade before that.Comment
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