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Separate entity dealing with club lotto

  • 22-02-2011 5:56pm
    #1
    DB Cooper 23
    Registered Users, Registered Users 2 Posts: 47 ✭


    My club has recently registered for VAT due to a large capital project starting in the near future. We have been advised by a person who worked in the VAT office to create a ‘separate entity’ from our club which will deal with the club lotto, by lodging the lotto money into the separate entity’s bank account. A donation will then be made, say, on a monthly basis, into the clubs main account.
    The main reason for this is to increase the ratio of taxable expenditure to non-taxable expenditure and thus help us to reclaim more VAT on the capital project.
    Have any of you heard of another club which has set up a similar scheme or do you have any idea if this is a legitimate way to increase the amount of VAT we can claim back? I have my doubts as it sounds too good to be true.


Comments

  • #2
    mrgaa1
    Closed Accounts Posts: 759 ✭✭✭mrgaa1


    your club accountant should be able to advise what is the best thing.

    I can see what they are driving at but the issue comes who owns the new entity?

    I would be very, very careful with this. There are, for sure, clubs registered for VAT all over the place - maybe one of them can advise


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