VAT registration scheme for racehorse owners: how does a racehorse owner register under the scheme?
To register under the scheme an owner has to:
- Get VAT registration forms from HMRC’s VAT Helpline by phoning 0300 200 3700.
- Ask Weatherbys for a copy of Form D1 (if the owner is an individual) or D2 (for partnerships)
- Complete the D form to confirm they have a sponsorship agreement or have received business income from racehorses they currently own;
- Send the form to “VAT Declarations”, Weatherbys, Sanders Road, Wellingborough, Northants, NN8 4BX
- Weatherbys will check and certify the details and return the form to the owner, who should then send the certified D form together with their completed VAT registration form(s) to the VAT Registration Centre that covers their postcode district.
If the registration is approved HMRC will issue the owner with a VAT registration number. HMRC will also tell the owner their effective date of registration. This will normally be the date the completed D form was received at Weatherbys.
More information about VAT registration procedures is at Notice 700/1 Should I be registered for VAT?
Only the registered owner of a racehorse at Weatherbys may register for VAT under the scheme. The registered owner can be a sole proprietor, partnership or limited company. If someone owns a part share in a racehorse they can register for VAT if they own at least 50%. Otherwise they can only register as a partnership with the other part share owners. You can find information about the registration arrangements for racing clubs and similar organisations at VBNB52750.