Untitled Document - vat

By: Racing Manager  11-11-2011
Keywords: Breeding, Horse Racing

Under a concession made to the Horse Racing Industry, we are able to claim back VAT on behalf of owners who are not VAT registered themselves for their racing/breeding business. The racing accounts can consist of : Horse Purchases, Trainers accounts, vet bills, transport bills, stud bills dentist, physio, National Horse Racing Authority bills etc, i.e. any accounts from registered VAT vendors relating to your horse racing &/or breeding business.By completing and signing a Declaration Form, you authorise us, RACING MANAGER CC, to recover your Horse Racing & Breeding Vat expenses on your behalf. We ask that you supply us with your Original Tax Invoices. We submit Vat claims every month, and ask that you send us your invoices to be claimed by no later than the 20th of each month. The actual claim process takes approximately 6-8 weeks from time of submission (ie 25th each month). Once the Claim has been processed and refunded by the Vat Office, we will deduct our l5% commission and pay over the balance of the refunded claim directly to you, either by cheque or direct bank deposit. Please note: The Tax implications are as follows: When you declare your horse racing and/or breeding business expenses (inclusive of Vat) as an expense in your Tax Returns. The Recovered Vat is declared as an income, in the same way you would declare stake earnings OR you must only claim the expenses excluding VAT.

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Keywords: Breeding, Horse Racing

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Untitled Document - marjeanne

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