Sponsor a local team and pay LESS tax
Lets face it, we all hate paying tax, but what if I said that some of your tax payments could benefit a local sports person or team in the way of sponsorship.
This is not for the one off sponsorship of someone partaking in an activity (unfortunately) however the HMRC have allowed us to write tax off against sponsorship that give our companies exposure in the way of marketing/advertising.
So when you drive past a sports field and see a huge group of people wearing tops with a very proud sponsor plastered all over it. Thats the sort of sponsorship/advertising we are talking about.
So that scary marketing\advertising thing has just become something that we can chose between paying the tax man or getting some much needed exposure for your company.
GENIO ACCOUNTANTS are looking for suggestions of who we can sponsor for 2019. I would welcome your suggestion on our facebook page under the sponsorship post.
Now, there are rules around this but they are quite simple, there are no limits as to what you can write off against your tax in the way of sponsorship. But if you want something to send you to sleep at night, the HMRC have published some bed time reading to help with people that cant get to sleep at night: https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim42565 Alternatively, if you want to know more about this in simple english then give the Team at Genio a call and they will happily explain it to you with no risk of you falling asleep.
Genio Accountants - Keeping you compliant and fine free. Phone: 023 8212 3336 | Address: 33a Portsmouth Road, Woolston, Southampton, SO19 9PE