OUTPUT VAT ON PRIZE DRAW TAKINGS?
I have a client who is in the publican trade. They are holding prize draws for an vat exempt prize.
Are the takings exempt from VAT or standard rated? None of the proceeds go to any charity, I have asked the VAT advice line and they directed me to notice 701/5. I may be a bit cynical where HMRC are concerned, but it does not appear to be in their interests where the profit does not go to a charity for it to be exempt from VAT. I have read the information about the lottery duty and this falls under one of the exempt categories where the duty is concerned.
Any advice would be appreciated?
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