Can I ask is the horse going to compete?I am self employed in a partnership business with my spouse. We are heavily involved in the sport horse industry on a leisure level and lucked out recently in breeding a very talented horse. We would like to sponsor a pro rider to compete and train the horse for us. This would include paying her a weekly sum for keeping the horse at her yard and training it, paying her entry fees and in return our business name gets publicised in the horses name and also on her equipment. Is it possible to do this under a partnership, and what would be involved. The rider in question has an equine business registered so can provide paperwork etc.
I suppose my question is, is this possible?
is there limits on the amount? and is it a case of keeping receipts and claiming off tax?
any help appreciated! we are just thinking about it at the moment and seeing is it possible, so any advice will be brilliant!
Ah, there's some merit to the sponsorship element as advertising if you can get business from it. But I think funding the training of your own (privately owned) horse would have to be separated out from the real sponsorship element. E.g. how much advertising would you pay if it was a complete strangers horse involved?the sponsorship of a pro rider would give us great access to meet more clients.
Is it not "wholly and exclusively" for businesses and self employed?It all comes down to the test of "wholly, exclusively and necessarily" a business expense to be tax deductible.
Correct.Is it not "wholly and exclusively" for businesses and self employed?
The "necessarily" bit is for PAYE only.
Yes! Agreed.Correct.
But I think paying for the training of your horse doesn't meet the criteria wherever you stop!
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