1 / 13

VAT

VAT. Martyn Senior. 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. VAT on Invoices. WHOLLY TO TAXABLE SUPPLIES

keelie-peck
Download Presentation

VAT

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. VAT Martyn Senior Golf Club Managers’ Association

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

  3. Golf Club Managers’ Association

  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 Golf Club Managers’ Association

  5. 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 Golf Club Managers’ Association

  6. VAT on InvoicesThe 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 Golf Club Managers’ Association

  7. Partial Exemption Annual Calculation 15 Golf Club Managers’ Association

  8. 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 Golf Club Managers’ Association

  9. 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 Golf Club Managers’ Association

  10. Example Golf Club VAT Return For Year Ended 31st December 2010 Output Standard Exempt Output OUTPUT VAT Tax Rate Rate Ex VAT £ £ £ £ Qtr To 31 Mar 2010 6,338.10 36,194.34 313,074.68 349,269.02 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 56,573.67 140,196.00 196,769.67 Total For Year 35,904.98 204,401.10 526,620.92 731,022.02 RATIO FOR YEAR 204,401*100/731,022 = 27.96% SAY 28% Golf Club Managers’ Association

  11. Example Golf Club VAT Return For Year Ended 31st December 2010 INPUT Recoverable In Full Partially Recoverable £ £ Qtr To 31 March 2010 20,604.12 2,071.11 Qtr To 30 June 2010 20,793.69 6,366.76 Qtr To 30 September 2010 8,209.04 10,903.36 Qtr To 31 December 2010 6,528.367,759.10 Total For Year 56,135.21 27,100.33 Input VAT Recoverable For Year£ Recoverable In Full 56,135.21 Partially Recoverable £27,100*28% 7,588.00 Total Input VAT Recoverable 63,723.21 Golf Club Managers’ Association

  12. 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 Golf Club Managers’ Association

  13. VAT Martyn Senior Golf Club Managers’ Association

More Related