2014/15 edition
VAT Factsheet
imperialcollegeunion.org
Principal Officers 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.
2
Principal Officers 2014/15
Key SE: Exempt (Money In). S1: Standard Rated (Money In) PE: Exempt (Money Out). P1 – Standard Rated (Money out) ‘S’ stands for Sales. ‘P’ for Purchases.
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 (Bar Nights)
S1
Hoodies (Personal Use)
S1
Dinner Packages (Christmas/Annual)
S1
Please note: Membership/Subscription is Subsidised @ 5%
Principal Officers 2014/15
3
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
Charity Events (Declared and Undeclared)
4
If Declared Exempt
Ticket Sales
SE
Donation (Invoice + Letter)
SE
Donation (Box + Collection)
SE
Sponsorship (Inovice
SE
Hoodies (Club Members)
SE
Hoodies (Attendees)
SE
If Underclared Standard Rated
Ticket Sales
S1
Donation (Invoice + Letter)
S1
Donation (Box + Collection)
S1
Sponsorship (Inovice)
S1
Hoodies (Club Members)
S1
Hoodies (Attendees)
S1
Principal Officers 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
Principal Officers 2014/15
5
Money Out
Charity Events (Declared and Undeclared)
6
If Declared Exempt
Venue Hire
PE
Catering Services
PE
Ticket/Poster Printing
PE
Acts
PE
Decoration
PE
Equipment Hire
PE
Hoodies Sales (Club Members)
PE
Travel/Transportation
PE
Hoodies Sales (Attendees)
PE
If Undeclared Standard Rated
Venue Hire
P1
Catering Services
P1
Ticket/Poster Printing
P1
Acts
P1
Decoration
P1
Equipment Hire
P1
Hoodies Sales (Club Members)
P1
Travel/Transportation
P1
Hoodies Sales (Attendees)
P1
Principal Officers 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