Members Willjag Posted October 7, 2010 Members Report Share Posted October 7, 2010 Can anyone tell me if the Trust pays tax on any earnings from the like of fund-raisers or anything like that? Quote Link to comment Share on other sites More sharing options...
Allan Heron Posted October 7, 2010 Report Share Posted October 7, 2010 Can anyone tell me if the Trust pays tax on any earnings from the like of fund-raisers or anything like that? No, they don't, Will. There are certain rules that they have to operate in but for the type of things that the Trust has done they are not an issue. Quote Link to comment Share on other sites More sharing options...
Woodstock Jag Posted October 7, 2010 Report Share Posted October 7, 2010 (edited) No, they don't, Will. There are certain rules that they have to operate in but for the type of things that the Trust has done they are not an issue. I could be wrong, but is it essentially that the Trust isn't subject to corporation tax because we don't make a qualifying "profit" as an entity? VAT would also be irrelevant at this stage because our turnover is nowhere near the registration threshold. Edited October 7, 2010 by Woodstock Jag Quote Link to comment Share on other sites More sharing options...
Members Willjag Posted October 7, 2010 Author Members Report Share Posted October 7, 2010 No, they don't, Will. There are certain rules that they have to operate in but for the type of things that the Trust has done they are not an issue. Thanks Allan. Leading on from that.... if a supporters group were to set up fund-raising for the Club and it went directly to the Club, would tax be due from that or would it be better for any monies raised to go via the Trust? Quote Link to comment Share on other sites More sharing options...
Allan Heron Posted October 7, 2010 Report Share Posted October 7, 2010 I could be wrong, but is it essentially that the Trust isn't subject to corporation tax because we don't make a qualifying "profit" as an entity? VAT would also be irrelevant at this stage because our turnover is nowhere near the registration threshold. Yes, but next to none of our activities would count as trading in any event. Quote Link to comment Share on other sites More sharing options...
Woodstock Jag Posted October 7, 2010 Report Share Posted October 7, 2010 Yes, but next to none of our activities would count as trading in any event. That's what I was driving at. Quote Link to comment Share on other sites More sharing options...
Allan Heron Posted October 7, 2010 Report Share Posted October 7, 2010 Thanks Allan. Leading on from that.... if a supporters group were to set up fund-raising for the Club and it went directly to the Club, would tax be due from that or would it be better for any monies raised to go via the Trust? From the point of view of the donation I don't think that would make a difference from the taxation perspective. Not sure what the position would be from the club's perspective as the recipient. Probably any number of ways to dress it up in the accounts in any way (not that I am suggesting anything other than the clearest transparency in our financial transactions!) Quote Link to comment Share on other sites More sharing options...
MarkyBoyFTOF Posted October 7, 2010 Report Share Posted October 7, 2010 From the point of view of the donation I don't think that would make a difference from the taxation perspective. Not sure what the position would be from the club's perspective as the recipient. Probably any number of ways to dress it up in the accounts in any way (not that I am suggesting anything other than the clearest transparency in our financial transactions!) If this was monies received from fundraising events or as a donation this is not liable to taxation. Quote Link to comment Share on other sites More sharing options...
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