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Tax on Show Jumping Business

  • 19-02-2014 11:51am
    #1
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭


    Looking for information/guide on the taxation of a business which specialises in show jumping services in Ireland i.e. trains show jumping horses, enters them in competitions, sells horses etc.

    Found the below guide to be quite useful but it seems to deal specifically with horse racing.

    http://www.horsesportireland.ie/_fileupload/Louise/2011/Guide_to_taxation.pdf

    What I'm trying to find out is:
    VAT to be charged on Training Fee's - Standard as per revenue website
    Can VAT be reclaimed on expenses
    VAT to be charged on sale of horse's ??
    Are prize winning's taxable??

    Any help would be greatly appreciated


Comments

  • #2
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Are you a sole trader or incorporated as a company.

    Either way if you are not VAT registered you do not charge VAT. Period.

    If you want to become VAT registered read the guide to VAT in the stickies.

    A sole trader can register for VAT.

    VAT to be charged on Training Fee's - Standard as per revenue website

    Only if VAT registered

    Can VAT be reclaimed on expenses

    Expenses are expenses. VAT is VAT. You can reclaim VAT on business expenses and you can claim expenses against your taxable profit.

    VAT to be charged on sale of horse's ??

    Only if you are VAT Registered.

    Are prize winning's taxable??

    I am unsure. There is an exemption from CGT for prize winnings based on gambling but you may be liable for income tax if it is your business. Someone with specific knowledge in this area may assist.

    If you go to www.revenue.ie and put horse racing into the search function there are specific guides for horse racing


  • #3
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    The business has not commenced yet and in order to decide the best way to operate (sole trade or company) I wanted to get a better idea of how the various taxation heads would affect the business.

    I think you may have misinterpreted my query.

    What I am trying to find out is if there are any specific industry exemptions of training show jumping horses with regards to taxing prize winnings, sales etc. or is it viewed as a normal business?

    Note that it relates to show jumping horses and not horse racing. Not sure if they are viewed differently but I guess this another query to add to the mix.

    In a document on the revenue website, they specifically mention that the training of horses (flat, hurdle, steeplechase and point-to-point racing but not show jumping) is liable to VAT at the standard rate. Any idea why show jumping fee's are specifically mentioned here?


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