A sole trader has rung to ask if he is allowed to add his company details to a motorbike he races and claim the cost as advertising/sponsorship.
He has been told by other sole traders in a similar position (and the man who owns the bike shop) that the rules regarding advertising/sponsorship changed in June 2014 and this is now allowed.
My understanding is that any costs to add his company details to a team strip or car/motorbike belonging to someone else would be allowable but I am unsure given that he owns the motorbike himself.
I can not find a definitive answer on the HMRC website.
Any help much appreciated.