Sponsorship Money
Discussion
Folks, a little advice and/or personal insight if you please.
Granted budgets and the like vary immensely across the series so the figures I mention may be loose change to some, however...
Say I landed a sponsorship deal worth £5k, £10k, whatever, a substantial sum of money, whats the best way to look after said sponsorship? Talking form a legal and especially tax point of view? I'm "self assesed" for all thats worth so if it went into a personal account I assume I'd be taxed accordingly, what if I set up a company, ACME Racing Inc or whatever? Would that be a better way to go?
Thoughts and advice welcome before I visit the accountant and lose the will to live
Regards
Iain
Granted budgets and the like vary immensely across the series so the figures I mention may be loose change to some, however...
Say I landed a sponsorship deal worth £5k, £10k, whatever, a substantial sum of money, whats the best way to look after said sponsorship? Talking form a legal and especially tax point of view? I'm "self assesed" for all thats worth so if it went into a personal account I assume I'd be taxed accordingly, what if I set up a company, ACME Racing Inc or whatever? Would that be a better way to go?
Thoughts and advice welcome before I visit the accountant and lose the will to live
Regards
Iain
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