Accountancy Matters, the outsourcing accounts service for golf clubs, is working with 20 golf clubs to reclaim over £150,000 worth of VAT payment related to the Covid pandemic. The little-known opportunity is potentially available to private-member clubs using the margin scheme.
Speaking of the initiative, Paul Mould, Managing Director at Accountancy Matters, said: “Golf clubs, by and large, have weathered the storm of the pandemic well; indeed, many have prospered. However, as we enter the winter months and look forward to 2022 and beyond, every opportunity to maximise surpluses must still be explored. This is one such opportunity that we’re orchestrating on behalf of our clients.”
Due to the pandemic, taxable supplies into areas such as the bar and restaurant sharply declined due to the clubhouse lockdowns. This resulted in a lower taxable supply ratio for the purposes of recovering VAT on overheads. HMRC recognise this and clubs can apply for a temporary change to the partial exemption calculation. This would allow for the recovery of VAT in line with prior year’s performance undisrupted by Covid.
Carl Rutherford, General Manager at Royal Mid Surrey Golf Club, is just one club to be benefiting from Accountancy Matters’ management of the process. He said: “Accountancy Matters made us aware of this opportunity, managed the complete process on our behalf, which led to a considerable rebate.”
Accountancy Matters offer golf clubs an outsourced accounts service that affords the club several benefits, not least an accurate and real-time financial function and potential annual savings of up to £10,000.
For a free consultation call to explore whether your club is eligible for VAT benefit, visit https://amglltd.com/consultation-vat-rebate/