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HMRC internal manual

VAT Business/Non-Business Manual

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.