Ruhkie Posted August 11, 2017 Posted August 11, 2017 A question for the tax experts out there:If you win a bike in a competition and it gets shipped from Europe, wil you pay customs dutu on it?
Oakley360 Posted August 11, 2017 Posted August 11, 2017 Most probably not...especially if the invoice reflects that no money changed hands
Ruhkie Posted August 11, 2017 Author Posted August 11, 2017 Will post a pic as soon as it's in my possession
madmarc Posted August 11, 2017 Posted August 11, 2017 You will need a commercial invoice for customs and on that you will pay taxes etc
Heel Drop Posted August 12, 2017 Posted August 12, 2017 best to fly over and collect it - will probably the easiest - but pls let us know how this one pans out
Ruhkie Posted August 12, 2017 Author Posted August 12, 2017 So will it then be the normal 15% customs duty + Vat? Will let you know what happens
Heel Drop Posted August 14, 2017 Posted August 14, 2017 we have a treaty with EU and dont pay 15% custom duty on bikes only VAT - just need to have some clear description on the invoiceÂ
Pure Savage Posted October 11, 2017 Posted October 11, 2017 Got a little tax question. Would like to open a company for Pure Savage, its just a little large now to run through my current account, this includes race entries, sponsorships, bike donations, kit buying for DC and then public sales of kit.  Would like to open a seperate bank account. Therefore would need a legal entity, a company. I know its pretty easy to open this with CIPC, done it once already. Would then would register it for tax and open a bank account.  I know it would need a review each year and I would prepare books, chilled. ITO tax, all income we could deduct the kit costs race entries, then any "profit" which is highly unlikely we could just buy additional kit as "Marketing" therefore coming out tax netural.  Anybody have any things we should look out for? Know there is a bit of a cost associated with it but its just getting a little too big to just keep a google doc of anymore.  Ideas welcomed.
AryM Posted October 11, 2017 Posted October 11, 2017 Got a little tax question. Would like to open a company for Pure Savage, its just a little large now to run through my current account, this includes race entries, sponsorships, bike donations, kit buying for DC and then public sales of kit.  Would like to open a seperate bank account. Therefore would need a legal entity, a company. I know its pretty easy to open this with CIPC, done it once already. Would then would register it for tax and open a bank account.  I know it would need a review each year and I would prepare books, chilled. ITO tax, all income we could deduct the kit costs race entries, then any "profit" which is highly unlikely we could just buy additional kit as "Marketing" therefore coming out tax netural.  Anybody have any things we should look out for? Know there is a bit of a cost associated with it but its just getting a little too big to just keep a google doc of anymore.  Ideas welcomed.I have sent you a PM bud!
Jase619 Posted October 11, 2017 Posted October 11, 2017 I presume you will run it as a club or association to be able to apply those tax rules?
Boyracer Posted October 11, 2017 Posted October 11, 2017 Got a little tax question. Would like to open a company for Pure Savage, its just a little large now to run through my current account, this includes race entries, sponsorships, bike donations, kit buying for DC and then public sales of kit.  Would like to open a seperate bank account. Therefore would need a legal entity, a company. I know its pretty easy to open this with CIPC, done it once already. Would then would register it for tax and open a bank account.  I know it would need a review each year and I would prepare books, chilled. ITO tax, all income we could deduct the kit costs race entries, then any "profit" which is highly unlikely we could just buy additional kit as "Marketing" therefore coming out tax netural.  Anybody have any things we should look out for? Know there is a bit of a cost associated with it but its just getting a little too big to just keep a google doc of anymore.  Ideas welcomed.If only you worked at an accounting firm that has a tax department ..
Pure Savage Posted October 11, 2017 Posted October 11, 2017 If only you worked at an accounting firm that has a tax department ..I can't afford those charge out rates  Will leave it at that
Pure Savage Posted October 11, 2017 Posted October 11, 2017 Got a few useful PM's, got sent a local clubs constitution and all that needs to be done to go NPO route. Â I knew the tax for company etc would work, but realize it's a little pricey compared to the other solutions. Â Â Sent from my iPhone using Tapatalk
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