Hi, would really appreciate your help on this
I put on shows at various theatres, mostly on 'split deals' where the revenue is split 75%/25% in my favour after VAT.
However the best feeling of these show is calculated on a hire where the hire cot is variable at around 35% of the gross sales, no VAT being payable because its a hire. But VAT is charged to me on the hire cost. (I make more this way than the 75%/ 25% split ayer VAT and so do the theatre).
Im am strongly considering voluntarily registering for VAT as I pay it out on various costs and could claim around £450 a month back by my calculations.
My question is that if I do register for VAT do the tickets sales then become VAT-able even though its on a hire?
Please help, thank you.