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Owner Sponsorship provides the foundations upon which the VAT
Scheme for racehorse owners is built. The income received from
sponsorship allows owners to reclaim VAT on their racing expenses
- including training fees, transport costs, veterinary fees,
jockeys fees and even overnight stays when travelling to watch
your horse run. To learn more about the VAT Scheme click
here.
Finding a sponsor for your horse/horses may sound like a daunting
prospect, but there are several options open to owners:
- Your trainer may have a blanket yard sponsorship deal
in place, in which case obtaining sponsorship is easy -
you simply agree for your horse to be added to the yard
sponsorship deal and that's it - you can start reclaiming
VAT.
- If your trainer does not have a sponsor, then an alternative
is to approach local businesses - perhaps those with which
you already have some connection. The potential benefits
to small businesses that become involved in racehorse sponsorship
are considerable and great value for money. You can offer
incentives, such as stable visits to see your horse, or
perhaps invite your sponsor to come racing with you when
your horse is running - remember that the sponsor's investment,
although it might not be a substantial sum of money initially,
allows you to claim back thousands of pounds in tax, and
so it pays to make sure your sponsor feels valued.
- If you are having trouble finding a sponsor, you can
enlist the help of an agent. For a list of Sponsorship agents,
please click
here.
It is important that once you have obtained sponsorship, you
do not simply forget about your obligations to the sponsor and
the agreement that is signed and registered at Weatherbys. HM
Revenue & Customs can and will check that the relevant sponsorship
branding is displayed when your horse runs, and if you are in
breach of the rules laid out by the BHB and HRA, in conjunction
with Customs, you could lose your right to reclaim VAT and you
or your trainer could be subject to a fine.
To help you ensure that you comply with all the requirements
laid out by Customs, the BHB have produced a Racehorse Owners'
Sponsorship Code of Conduct, which explains everything that
you need to know about Owner Sponsorship and registering for
VAT. To download a copy please click
here.
If you have any queries relating to Owner Sponsorship you can
contact the Weatherbys Sponsorship Desk on 01933 440077.
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