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?
- New build property to be rented 24 1
- Spanish Assets taxation - UK Residence 28 1
- Sorry - another PPR question 143 2
- Outstanding Loans 183 3
- RTI and Advances to Employees 35 1
- Networking 824 7
- Allocation of income from property 606 22
- Services by BVI Company for UK Company 70 2
- bookkeeping system 440 7
- Private company division 277 4
- Sharing ODBC Excel Pivot Tables over network 109 2
- Company car in the LLP 93 1
- 64-8 problems 302 4
- flat rate scheme 1,792 37
- Are any of you members of The Institute of Financial Accountants - Accountnats certificate 870 11
- PPR relief - deemed residence? 318 9
- Unpaid share capital 202 2
- Bad debt receipt for dissolved company 135 1
- VAT Refunds 164 2
- Company van paid by director 306 3