VBNB52800 - 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.