2014/15 edition
VAT Factsheet
imperialcollegeunion.org
VAT Factsheet 2014/15
1
Introduction Imperial College Union is registered by HM Revenue and Customs (HMRC) for VAT under VAT no. GB 240 5617 84 As money comes in and goes out of your Club, Society or Project, value added tax (VAT) may be added to the price of goods and services. VAT is a tax that’s charged on most “business” transactions in the UK. The following VAT factsheet is a simple presentation of how VAT will be treated for different types of activity you may be involved with. The factsheet splits activities into the following three categories: 1. Sports Clubs 2. Non-sport Clubs 3. Charity Events The appropriate VAT code is shown in the table.
Version 1.1 Last updated 26 November 2014 2
VAT Factsheet 2014/15
Key ‘S’ stands for Sales (Money In) ‘P’ for Purchases (Money Out)
Money In S1: Standard Rated (Money In) SO: 0% VAT SE: Exempt (Money In) SN: Outside the scope
Money Out P1: Standard Rated (Money Out) PO: 0% VAT PE: Exempt (Money Out) PN: Outside the scope
Money In Sport Clubs
Exempt of Standard VAT
Lesson Fee
SE
Match Fee
SE
Training Fee
SE
Refereeing
SE
Umpiring
SE
Entrance Fee Comp
SE
Travel
SE
Tour/Trip (Accommodation + Travel + Ground Hire)
SE
Mini bus/Fuel
SE
Food (Match/Competition)
SE
Kit (Club Use)
SE
Standard Rated
Drinks (e.g. Bar Nights, social events)
S1
Hoodies (Personal Use)
S1
Dinner Packages (Christmas/Annual)
S1
Please note: Membership/Subscription is Subsidised @ 5%
VAT Factsheet 2014/15
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Money In
Non-Sporting Clubs
Exempt of Standard VAT
Standard Rated
Non-Sporting Clubs Lesson Fee
S1
Membership *
S1
Tour/Trip (Accommodation + Travel + Ground Hire)
S1
Mini bus/Fuel
S1
Food ** Training Fee
S1
Dinner Packages (Christmas/Annual)
S1
* Membership/Subscription is @ 20% ** Appropriate VAT Treatment given as per Receipt/Invoice
If Declared Exempt
If Undeclared Standard Rated
Ticket Sales
SE
S1
Donation (Invoice + Letter)
SN
S1
Donation (Box + Collection)
SN
S1
Sponsorship (Invoice)
SE
S1
Hoodies (Club Members)
SE
S1
Hoodies (Attendees)
SE
S1
Charity Events (Declared and Undeclared)
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VAT Factsheet 2014/15
Money Out Sport Clubs
Exempt of Standard VAT
Instructors/Umpire/Referee Charges (in most cases)
PE
Kit (Club Use)
PE
Equipment (Club Use)
PE
Food (Match Tea/Competition)
PE
Pitch/Court Hire
PE
Entrance Fee Comp
PE
Entrance Fee Conference
PE
Affiliation Fee
PE
Publicity/Advertisement (Sports Related)
PE
Printing (Sports Related)
PE
Standard Rated
Food & Drinks (Non-Sporting Occasions)
P1
Hoodies (Personal Use/Buy to Sell)
P1
Non-Sporting Clubs
Exempt of Standard VAT
Standard Rated
Equipment
P1
Pitch/Court Hire
P1
Entrance Fee Comp
P1
Entrance Fee Conference
P1
Affiliation Fee
P1
Food**
P1
Dinner Packages (Christmas/Annual)
P1
* Membership/Subscription is @ 20% ** Appropriate VAT Treatment given as per Receipt/Invoice
VAT Factsheet 2014/15
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Money Out
If Declared Exempt
If Undeclared Standard Rated
Venue Hire
PE
P1
Catering Services
PE
P1
Ticket/Poster Printing
PE
P1
Acts
PE
P1
Decoration
PE
P1
Equipment Hire
PE
P1
Hoodies Sales (Club Members)
PE
P1
Travel/Transportation
PE
P1
Hoodies Sales (Attendees)
PE
P1
Charity Events (Declared and Undeclared)
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VAT Factsheet 2014/15
Imperial College Union Beit Quadrangle Prince Consort Road London SW7 2BB Registered Charity No: 1151241
Tel: 020 7594 8060 Fax: 020 7594 8065 Email: union@imperial.ac.uk Twitter: @icunion imperialcollegeunion.org