Sports Club Taxes

andiknowyou

Hi,

I have recently acquired a tax number for our local rugby club as we needed one to obtain a long term lease on our grounds. I applied for a tax clearance cert and have now been told that I must submit a form1 form 2008 on behalf of the club.

Could anybody give me any info on what exactly the revenue want here. Our club has afew trustees, it is not a company/partnership and whatever income we get is spent as soon as it hits the bank on club running costs, so the accounts will never show profit. By getting the tax registration number, have we opened up a can of worms regarding tax affairs, expenses for coaches etc?

Any information/advice would be greatly appreciated.

DoMyBooks

Your club (or your clubs accountant) can fill in a form GS1 to apply for tax exemption based on the following conditions.

"3. WHAT BODIES ARE ELIGIBLE TO APPLY FOR GAMES/SPORTS TAX EXEMPTION?
The exemption applies to an “approved body of persons” i.e. an organisation established for and existing for the sole purpose of promoting an athletic or amateur game or sport and whose income, as is shown to the satisfaction of the Revenue Commissioners, is income which has been or will be applied for the sole purpose of promoting that athletic or amateur game or sport. The body must be a not for profit, member controlled and owned organisation. It must be legally established in the State and have its centre of management and control therein. The majority of its trustees/directors/officers, as appropriate, must be resident within the State."

I hope that helps

Mr. Incognito

Further info here:

http://www.revenue.ie/en/tax/it/leaflets/gs1.pdf

andiknowyou

Big help, thanks very much!