Gambling Shop - VAT Invome and expenses
I've recently taken on a gambling shop as a client. I've received the records from the previous accountant and information to complete the VAT return from.
I need clarification on one point and wondered if anyone knew the answer. Winnings taken via the "tills" are subject to gaming duty, those taken form the machines are subject to VAT (I know this is changing shortly).
Under the current system, can VAT be claimed on expenses used for tills betting such as Sky subscriptions? This wouldn't be in relation to the machine takings which is provides the VAT income.
When the new machine gaming duty comes into force will betting shops be exempt from VAT?
Thanks and I appreciate any answers
- Buy Samsung Galaxy Note 5 87 1
- Small amount of untaxed royalties for someone outside SA 267 4
- Is Xero payroll as rubbish as I suspect it is? 1,745 39
- Accounting for corporation tax 288 8
- Sole trader registering for the first time 345 1
- Digital tax accounts - what do we expect? 1,012 18
- Creative Auto Enrolment 588 8
- Tax Fines - HMRC 885 15
- Can an owner hold company money 342 6
- Account and Taxable Profit 338 17
- Class 2 NIC 308 5
- Probate services 430 9
- Is self-employment "another job" for PAYE 409 7
- Vat payable on van 194 1
- Bookkeeping Rate of Pay 2,845 42
- Invoices raised after company dissolution 247 7
- Community Faux Pas 936 26
- Cash gift from India 172 1
- Is cloud accounting actually pretty pants? 2,320 40
- Windows10 221 4