HowzVAT?

By THIS IS MONEY
Updated:

 

I AM treasurer of a local cricket club, a non-profit organisation with a total turnover well below £54,000. If the club were to register voluntarily for VAT, could it reclaim VAT it pays out? Our income comprises subscriptions, match fees, bar takings and social events.

MP, Leigh-on-Sea

Maurice Fitzpatrick, a tax director at accountants Tenon says: You do not have to register for VAT because your turnover is below £54,000. If you did you could reclaim VAT paid out on your costs. But this would not help as you would also have to charge VAT at 17.5% on all your income. All you would achieve is to pay more money to the Chancellor.

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