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Thread: Any accountants on here? VAT question on fishing rights

  1. #1

    Any accountants on here? VAT question on fishing rights

    A bit of advice please, my fishing club has the chance to purchase some fishing rights, the advertised price (online and brochure) did not state VAT was applicable, but now the seller has stated a price plus vat when we made an offer.
    I am struggling to find an answer.

    Many thanks

    Richard

  2. #2
    Richard I'm not sure if its the right thing but have you looked at VAT notice 742?

    https://www.gov.uk/government/publications/vat-notice-742-land-and-property/vat-notice-742-land-and-property
    It's the calibre of the shooter that counts not the calibre of the rifle.

  3. #3
    Quote Originally Posted by devon deer stalker View Post
    A bit of advice please, my fishing club has the chance to purchase some fishing rights, the advertised price (online and brochure) did not state VAT was applicable, but now the seller has stated a price plus vat when we made an offer.
    I am struggling to find an answer. Many thanks Richard


    Sounds about right to me. I do have a very expensive VAT expert sitting outside my office so if you can give full details I'll run it by him to get some informal comments.

  4. #4
    You will have to pay the VAT, just like anyone buying anything.
    You can only claim it back if you are vat registered, and it would need to be a very big and very busy club with many leases before it is worth trying to register.
    VAT is a constant thorn in my side when spending the my clubs money, we have looked at being vat registered but it just isn't worth it, even if you do turn over the required amount.

    Neill.

  5. #5
    Many thanks chaps.
    Looking at the link supplied we will have to pay.
    Cheers
    Richard

  6. #6
    My vat-paying life was transformed by opting into the flat rate scheme. I simply pay them a percentage of my turnover and any large purchases can be treated separately. My vat quarter always seems to end when I'm up to my neck in work & haven't time to complete accounts; this way I can do it in an hour or so from just my bank statements.

  7. #7
    My advice would be seek professional advice, not just an accountant but someone who understands Vat within that sector. My accountant was telling me about a Golf Course on his books, which has partial registration, income from members is none vatable but income from pay an play is! How does your club collect subs if you get my drift!

    Also I'd be asking why the seller changed tact after offer, is this becuase they have been advised to charge Vat? Is that correct? Have they elected to property for Vat purposes is is that based on business category ? If so can that be reversed?

    Id also check the Vat status/category carefully.

    It might cost a bit for the advice but in my view well worth it and of course it's deductable, probably, best get advice on that too!

  8. #8
    Have you seen the latest edition of the BASC mag? Check out page21, the first question is about sporting rights and VAT.
    If you don't have it I can scan and e-mail if desired.

    John

  9. #9
    I don't have it, could you do that for me please, info@devonflyfisher.com
    Many thanks
    Richard
    Quote Originally Posted by JohnT View Post
    Have you seen the latest edition of the BASC mag? Check out page21, the first question is about sporting rights and VAT.
    If you don't have it I can scan and e-mail if desired.

    John

  10. #10

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