It may be of great benefit to your Club or Organisation to become an ‘approved sports body’.
Republic of Ireland
Essentially, an approved sports body is one which holds certification from the Revenue Commissioners that the body is established and existing for the sole purpose of promoting an athletic or amateur game or sport whose income is exempt from income/corporation tax. Evidently, becoming an approved sports body has impressive tax advantages for organisations and Morgan McManus Capital Taxes Group will be happy to advise you of these advantages in further detail.
To become an approved sports body the organisation must apply to the Revenue Commissioners to obtain a Section 235 Certificate. There are very specific requirements necessary for an organisation to become a sports body; for example, the body must be a member controlled and owned organisation, it must not be for profit, and should be legally established in the State and have its centre of management and control therein. Most importantly, the Memorandum and Articles of Association of the company must comply with Revenue requirements. Completing a Section 235 Certificate application is an intricate process and the Solicitors at Morgan McManus will help simplify the process for your organisation, to ensure a successful application.
For your organisation to gain sports body status in Northern Ireland, your sports club will need to register with HM Revenue & Customs Club Unit as a “Community Amateur Sports Club”. As in the Republic of Ireland, your organisation will be able to benefit from various tax advantages after gaining this status; for example, claiming back tax on gift aid donations, tax relief on the corporation tax you pay on income and capital gains, and non-domestic rates relief. The Capital Taxes Group at Morgan McManus will be happy to advise you of these tax advantages in further detail. “Community Amateur Sports Club” status is only available to organisations involved in eligible sports as decided by the Sports Council. The HM Revenue & Customs Sports Club Unit will decide whether the conditions for registration have been met.
If your organisation would like to register as a “Community Amateur Sports Club” it is necessary to apply to the HM Reveneue & Customs Sports Club Unit using the Community Amateur Sports Club application form. This form is detailed and requires a volume of documentation including the organisation’s constitution, rules, memorandum and articles of association. Most importantly the Memorandum and Articles of Association of the company must comply with HMR requirements. Morgan McManus Solicitors can assist your organisation in preparing the Application for the HM Revenue & Customs with a view to securing a successful outcome.
www.hmrc.gov.uk – HM Revenue & Customs