fossyant
Ride It Like You Stole It!
- Location
- South Manchester
My son and a friend set up a Sim Racing Team - ie. mates racing together on the computer. Been doing this a couple of years, but they have some really good 'drivers' on the Team now. They seem to be doing quite well (I believe).
They have got a deal with a clothing company for reduced rate kit (they still have to buy it) but have been approached by a lubricants company who sponsor some of the Red Bull vehicles (in real life).
I though nothing of it, but they've signed a deal that they have the logo on their cars (virtual cars) and are receiving a number of hundreds of pounds a month. My lad's mate 'owns' the team but my son's been doing much of the running an now has a separate bank account for the Team. My son does have a limited company that's dormant, so he's got an idea of what to do.
They are looking at investing the money into further mechandise, but I'm going to see what's the score with drivers and team members getting payment (even if they do) as they are going to have to be careful for tax and NI reasons - I believe the money is to do what they want with... here in they need to think carefully - mates/money/drivers - who get's what.
It can, at the minute, be run as you would a 'scout group' or similar, but they are going to need to be careful about what happens to the funds. I also need to find out what/who has bank account control.
This has gone from a couple of mates playing together into a 'professional' sim racing team very quickly. Early days yet.
This is them...
https://www.sidemax.co.uk/
It's snowballed very quickly.
They have got a deal with a clothing company for reduced rate kit (they still have to buy it) but have been approached by a lubricants company who sponsor some of the Red Bull vehicles (in real life).
I though nothing of it, but they've signed a deal that they have the logo on their cars (virtual cars) and are receiving a number of hundreds of pounds a month. My lad's mate 'owns' the team but my son's been doing much of the running an now has a separate bank account for the Team. My son does have a limited company that's dormant, so he's got an idea of what to do.
They are looking at investing the money into further mechandise, but I'm going to see what's the score with drivers and team members getting payment (even if they do) as they are going to have to be careful for tax and NI reasons - I believe the money is to do what they want with... here in they need to think carefully - mates/money/drivers - who get's what.
It can, at the minute, be run as you would a 'scout group' or similar, but they are going to need to be careful about what happens to the funds. I also need to find out what/who has bank account control.
This has gone from a couple of mates playing together into a 'professional' sim racing team very quickly. Early days yet.
This is them...
https://www.sidemax.co.uk/
It's snowballed very quickly.
