VAT registration scheme for racehorse owners: accounting arrangements provided by Weatherbys
Weatherbys operate a self-billing system for prize money and appearance money. An owner should:
- immediately advise Weatherbys of their registration details when they register;
- tell Weatherbys the date of deregistration if it cancels its registration.
Weatherbys issues owners with a monthly statement called a ‘Transaction Analysis Summary’. This shows:
- the VAT payable on prize money and appearance money, which an owner must declare as output tax in their VAT account; and
- details of the owners’ expenditure on jockeys’ services and miscellaneous fees, and the amount of VAT on each service, which the owner can claim as input tax.