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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 Calculation Gross Taxable Income Bar Green Fees ( Not including facility fees or weekend subscribers) Gaming Machine Takings Functions Payphone Ties & Badges Company Day Coffee Machine Lost Card Fees Total Bar Green Fees Gaming Machine Takings Functions Payphone Ties & Badges Company Day Coffee Machine Lost Card Fees Membership Subscriptions Entrance Fees Shares Locker Rents Weekend Subscriber Fees Waiting List Fees Open Entries Competition Entry Fees Easter Tournament Entry Fees Snooker Income Facility Fees Total Calculation

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) 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, Partially Recoverable (The Pot) = £ 4, Total £ 7, ACTUAL INPUT RECOVERABLE Recoverable in full = £ 3, Partially Recoverable £4, x 34% = £ 1, Total £ 4, SUMMARY :- OUTPUT VAT = £10, INPUT VAT = £ 4, 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 , , , , Qtr To 30 Jun , , , , Qtr To 30 Sept , , , , Qtr To 31 Dec , , , , Total For Year 35, , , , 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 , , Qtr To 30 June , , Qtr To 30 September , , Qtr To 31 December , , Total For Year56, , Input VAT Recoverable For Year £ Recoverable In Full56, Partially Recoverable £27,100*28% 7, 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, Input VAT for Year 63, TOTAL VAT REPAYABLE TO CLUB-27, VAT Paid Or Reclaimed During Year£ Qtr To 31 Mar , Qtr To 30 June , Qtr To 30 Sept , Qtr To 31 Dec , VAT Adjustment For Year Payment due to Customs 5,542.00

13 Golf Club Managers’ Association13 VAT Martyn Senior


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