MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
I've overcome my inner curmudgeon (at least temporarily) and given some sponsorship-in-kind to an event. As in providing goods and services rather than cash.
Back in another life when I used to raise funds for events I was able to place a cash value on in-kind sponsorship when there was requirement to match-fund for grants and so on.
In this case if I was to invoice for time and materials it would be somewhere in the region of £4k - £5k. Is there a way to put a value on that in tax terms?
You can only claim for the costs you have incurred on materials, this is easiest to understand if you compare it with the alternative whereby you give the charity £4,000 and then they used that to pay you £4,000 for the services. You would only be out of pocket for the amount you incurred on materials.
I looked into this briefly a while back and concluded there was no benefit tax-wise (unless I think if you are giving cash but even then it has to be a registered charity or CASC). All you can expect to get out of it is hopefully some advertising/networking benefit (notwithstanding that warm inner glow of course!)
notwithstanding that warm inner glow of course!
The warm inner glow is why I did it - Its not a charitable cause as such but a young guy has done something quite remarkable and generous for his other young professional peers and needs some goods and services from others for it all to come together. I've chipped in because I just admire the audacity of it. Its only occurred to me recently that in other contexts than tax its been the case that favours have been accounted as equivalent to cash.
I will do although thats not really why I've done it - in that context I've bought advertising but I've partly paid for it in labour. Hopefully they'll all remember me when they're big shots. 😀All you can expect to get out of it is hopefully some advertising/networking benefit
I'm not bothered if its not accountable - its just a thought with the year end approaching whether there might be a way to account for it.