VAT in the Leisure Industry
Getting VAT wrong whether it be VAT chargeable or VAT recoverable can be expensive. Not charging or recovering enough VAT can impact on profit margins with VAT becoming a cost to the business. HMRC have become aggressive in dealing with anomalies such as holiday accommodation and catering (the “Cornish pasty tax” controversy being one example).
The leisure industry is a complex area for VAT and there have been issues affecting tour operators, non-profit making members clubs, and changes in the taxation of gaming machine takings.
The aim of this course is to guide delegates through a series of topics relating to all areas of the leisure industry although the course will be tailored to meet the needs of the delegates. The delegates will by the end of the course have knowledge of the VAT accounting requirements, HMRC practice and recent cases to enable them to avoid pitfalls and recognise opportunities.