Sports sponsorship
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I run a small local busines and have been approcahed by a local football team to see if I would sponsor them. In return, they will let me advertise my business on there football strip. As I do my own tax return, can i claim back the money I've given to sponsor them, as its an advertising cost?
Brad Freeman
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As far as I'm aware, having read up on this this morning,
You will have to pay VAT as you're a profit making company, you are effectively purchasing a good or service from the team. This cannot be rebated.
As to whether it is deductable against profits, then yes, I cannot image why it wouldn't be!
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Why would he have to pay vat? He hasnt charged anyone and has only sponsored a team?? Im vat registered and thinking about doing this, would like to know if this is true
Jamie
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