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Golf Club Managers’ Association1 VAT Martyn Senior.

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Presentation on theme: "Golf Club Managers’ Association1 VAT Martyn Senior."— Presentation transcript:

1 Golf Club Managers’ Association1 VAT Martyn Senior

2 Partial Exemption Members – No Vat – Private Members Club Bar / Catering – VAT Visitors Green Fees - VAT Everything else – Partially Exempt % Calculation Total VATable Income x 100 Total Income Golf Club Managers’ Association2

3 3

4 4 VAT on Invoices WHOLLY TO TAXABLE SUPPLIES ( FULLY RECOVERABLE ) ( TAXABLE INPUT TAX ) Social Membership Green Fees Payphone Snooker Bar Sales Catering Sales if invoiced by the Club Fruit Machine

5 Golf Club Managers’ Association5 VAT on Invoices Exempt Supplies ( Non-Recoverable Input Tax) Playing Members Entrance Fees Playing Members Subscriptions Lockers for Members One Off Fund Raising Events Club Competitions Open Competitions/ Facility Fees

6 Golf Club Managers’ Association6 VAT on Invoices VAT on Invoices The Pot NON – ATTRIBUTABLE (OPEN TO NEGOTIATION) (RESIDUAL INPUT TAX) % RECOVERABLE Pro Retainer Course Maintenance Clubhouse Maintenance Stationery Electricity / Gas Office Maintenance Office Telephone Computer Maintenance Refuse Collection Photocopier Upkeep Affiliation Fees Audit Fees Professional Fees General Expenses

7 Partial Exemption Annual Calculation Golf Club Managers’ Association 7 Annual VAT Calculation199819992000200120022003 Gross Taxable Income Bar127402.27127029.69120269.17124352.00123837.00121389.00 Green Fees ( Not including facility fees or weekend subscribers)85570.1386325.4476948.2096471.4787378.2988918.00 Gaming Machine Takings17053.5715632.149056.709568.936350.087443.00 Functions8820.648396.6614273.7513849.3914644.1710096.19 Payphone802.29668.43388.17355.81379.49424.68 Ties & Badges149.71293.902899.895027.081753.98576.61 Company Day6095.705168.164936.130.00 Coffee Machine1813.461745.391075.812122.30462.750.00 Lost Card Fees58.51194.04720.18122.12153.182297.16 Total247766.28245453.85230568.00251869.10234958.94231144.64 Bar127402.27127029.69120269.17124352.00123837.00121389.00 Green Fees85570.1386325.4476948.2096471.4787378.2988918.00 Gaming Machine Takings17053.5715632.149056.709568.936350.087443.00 Functions8820.648396.6614274.0013849.3914644.1710096.19 Payphone802.29668.43388.17355.81379.49424.68 Ties & Badges149.71293.902899.895027.081753.98576.61 Company Day6095.705168.164936.130.00 Coffee Machine1813.461745.391075.812122.30462.750.00 Lost Card Fees58.51194.04720.18122.12153.182297.16 Membership Subscriptions253251.31258962.53264520.00297766.00324687.00336424.00 Entrance Fees11378.0019377.0024467.5020646.0028560.0024836.00 350.00500.00640.32369.74374.080.00 Shares5.00130.000.00 Locker Rents1481.001404.009525.003951.003801.003754.00 Weekend Subscriber Fees1515.001210.00430.00457.50250.0010.00 Waiting List Fees360.64750.001000.001600.001850.001650.00 Open Entries24445.1324953.9844851.5035004.0031720.0030291.00 Competition Entry Fees11978.4112579.5012736.6913984.9515020.3714637.51 Easter Tournament Entry Fees1177.18833.640.00 424.68 Snooker Income1046.95731.07718.19821.63738.73762.22 Facility Fees21580.004317.507302.5010687.548950.004500.00 Total576334.90571203.07596759.95637157.46650910.12648434.05 Calculation43 394036 15

8 Golf Club Managers’ Association8 Recoverable VAT Calculations Output Tax At Standard Rate Income Subject To VAT = £ 50,000 (eg Green fees, Bar Sales, Catering) (VAT @ 20% on £ 50,000 = £10,000) Exempt (eg Subscriptions ) = £ 100,000 Total Income (ex VAT ) = £ 150,000 RATIO - ( Partial Recoverable ) = 50,000 x 100% = 33.33% = 34% 150,000

9 Golf Club Managers’ Association9 INPUT ( on Purchases ) Recoverable in full = £ 3,071.43 Partially Recoverable (The Pot) = £ 4,732.31 Total £ 7,803.74 ACTUAL INPUT RECOVERABLE Recoverable in full = £ 3,071.43 Partially Recoverable £4,732.31 x 34% = £ 1,608.99 Total £ 4,680.42 SUMMARY :- OUTPUT VAT = £10,000.00 INPUT VAT = £ 4,680.42 VAT PAYABLE = £ 5,319.58

10 Golf Club Managers’ Association10 Example Golf Club VAT Return For Year Ended 31st December 2010 Output StandardExempt Output OUTPUT VATTax RateRate Ex VAT £ £ Qtr To 31 Mar 2010 6,338.10 36,194.34313,074.68 349,269.02 Qtr To 30 Jun 2010 8,895.57 50,833.53 40,186.35 91,019.88 Qtr To 30 Sept 2010 10,770.96 60,799.56 33,163.89 93,963.45 Qtr To 31 Dec 2010 9,900.35 56,573.67140,196.00 196,769.67 Total For Year 35,904.98 204,401.10 526,620.92 731,022.02 RATIO FOR YEAR204,401*100/731,022 = 27.96%SAY 28%

11 Golf Club Managers’ Association11 Example Golf Club VAT Return For Year Ended 31st December 2010 INPUT Recoverable In Full Partially Recoverable £ £ Qtr To 31 March 201020,604.122,071.11 Qtr To 30 June 201020,793.696,366.76 Qtr To 30 September 2010 8,209.04 10,903.36 Qtr To 31 December 2010 6,528.367,759.10 Total For Year56,135.21 27,100.33 Input VAT Recoverable For Year £ Recoverable In Full56,135.21 Partially Recoverable £27,100*28% 7,588.00 Total Input VAT Recoverable63,723.21

12 Golf Club Managers’ Association12 Example Golf Club VAT Return For Year Ended 31st December 2010 £ Output VAT for Year 35,904.98 Input VAT for Year 63,723.21 TOTAL VAT REPAYABLE TO CLUB-27,818.23 VAT Paid Or Reclaimed During Year£ Qtr To 31 Mar 2010 -14,493.84 Qtr To 30 June 2010 -15,463.21 Qtr To 30 Sept 2010 - 4,525.03 Qtr To 31 Dec 2010 1,121.85-33.360.23 VAT Adjustment For Year Payment due to Customs 5,542.00

13 Golf Club Managers’ Association13 VAT Martyn Senior


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