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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

 

Quarterly VAT summary

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