a concession made to the Horse Racing Industry, we are able to claim
back VAT on behalf of owners who are not VAT registered themselves
for their racing/breeding business. The racing accounts can consist
of : Horse Purchases, Trainers accounts, vet bills, transport bills,
stud bills dentist, physio, National Horse Racing Authority bills
etc, i.e. any accounts from registered VAT vendors relating to your
horse racing &/or breeding business.
By completing and signing a Declaration Form, you authorise us, RACING
MANAGER CC, to recover your Horse Racing & Breeding Vat expenses
on your behalf. We ask that you supply us with your Original Tax
Invoices. We submit Vat claims every month, and ask that you send
us your invoices to be claimed by no later than the 20th of each
month. The actual claim process takes approximately 6-8 weeks from
time of submission (ie 25th each month). Once the Claim has been
processed and refunded by the Vat Office, we will deduct our l5%
commission and pay over the balance of the refunded claim directly
to you, either by cheque or direct bank deposit.
Please note: The Tax implications are as follows: When you declare
your horse racing and/or breeding business expenses (inclusive of
Vat) as an expense in your Tax Returns. The Recovered Vat is declared
as an income, in the same way you would declare stake earnings OR
you must only claim the expenses excluding VAT.
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