Advice on making a VAT claim

Need help claiming back your VAT?

Weatherbys VAT Services has over ten years' experience in providing a professional, accessible service by highly trained staff.

They aim to maximize the benefits of the VAT Scheme for clients and ensure that all paperwork is completed accurately and on time in all cases. Their charges are also one of the most competitive in this market.

If you want to know more about how the VAT Services team can make your life easier, email the VAT team: vat@weatherbys.co.uk

If you wish to apply for the VAT Service please contact the team on 01933 440077.

 

Quarterly VAT summaries

Weatherbys Racing Bank notified clients at the end of June that the quarterly summaries provided by post would cease.

Clients will continue to receive the monthly VAT summaries, and Weatherbys have provided users with the tools needed to extract the data required from each monthly statement for inclusion in the VAT submission to HMRC.

There were a number of reasons behind the decision to discontinue the mailing out of quarterly summaries, and a number of regular users were consulted prior to the change for their feedback. The main reason for stopping these was the fact that less than 20% of the VAT registered audience, equating to less than 1,500 VAT entities, required them and therefore the IT development costs to extract the summaries from the current process would have potentially resulted in a charge to the clients.

Louise Norman, Senior Manager of Weatherbys Racing Bank explained: “We didn’t want to start charging clients for something which we could provide the client with the tools to achieve. In addition to the IT costs, there are also increasing postal costs – a quarter of the clients impacted do not have email addresses. We were also concerned about the client experience, as if these continued clients would be receiving a bank statement, a monthly VAT summary and a quarterly VAT summary separately at different times within each month.“

The BHA will continue to send monthly VAT summaries in line with their annual VAT administration and invoicing fee.

How to extract the data needed

In order to extract the information and allocate the VAT correctly in your VAT 100 with HMRC owners should use the total transaction line only, and reading from left to right as highlighted in the example below, extract the figures detailed as follows:

1. The output net amount should be included in Box 6

2. The output VAT amount should be included in Box 1

3. The input net amount should be included in Box 7

4. The input VAT amount should be included in Box 4

The racing transactions detailed on owners’ monthly VAT summaries should be included alongside your other expenditure (input) and income (output).

Alternatively Weatherbys VAT Services can provide this service for owners. If you would like further details please email vat@weatherbys.co.uk for further information. However, if you have any queries regarding the monthly VAT summaries please contact the BHA VAT Helpdesk sponsorship@weatherbys.co.uk.

 

Further Advice

For more help and advice on registering for VAT, please contact the BHA VAT Helpdesk on 01933 440077 or visit Weatherbys website for more information.

Alternatively, the Government website has further information for racehorse owners, which was updated in February 2016:

VAT Registration Scheme for Racehorses Owners

The BHA have also produced a Sponsorship Code of Conduct, which can be downloaded here.

And the sponsorship Framework for Racehorse Owners published by the BHA is here