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Our local gliding club has been registered from the outset of VAT, but since 1990 (when sporting activities of this nature became predominantly exempt) it has maintained its VAT registration, accounting under time consuming and complicated partial exemption calculations. As more and more activities have been classified as exempt, even more work needs to be carried out for very little benefit to the club (which only recovers 3.8% of its input VAT), or indeed for the VAT office.
Our local gliding club has been registered from the outset of VAT but since 1990 (when sporting activities of this nature became predominantly exempt) it has maintained its VAT registration accounting under time consuming and complicated partial exemption calculations. As more and more activities have been classified as exempt even more work needs to be carried out for very little benefit to the club (which only recovers 3.8% of its input VAT) or indeed for the VAT office.
The club would like to de-register. However they have significant assets which hold their market value and they are required on de-registration to account for the full 17.5% VAT on current asset values despite having only recovered small amounts of input VAT at purchase. Only a couple of gliders were purchased from individuals and they can be subject to the second-hand scheme on the...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
