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Sam
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Category: Tax
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I run a pub quiz business and want to find out if I need to

Resolved Question:

I run a pub quiz business and want to find out if I need to record the quiz player entry fee's as income? I charge the pub say £100.00 and the players £2 each to enter. If I have 50 players then I would pay out £70.00 in cash prizes. What is the best way to record the additional £30 profit? £100 income and £70 prizes or just £30 income?
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question. I am Sam and I m one of the UK tax experts.
You must keep detailed accounts, so record the £100 income and the player entry fees as income and the £70 prizes as expenses.
And of course then the other associated costs as expenses to run each specific quiz.
Thanks
Sam
Sam and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Hi Sam

Thank you for your quick responce, In that case by next year I will need to register for VAT. Would the quiz cash prize be VAT reclaimable? So say I pay £90.00 in prizes can I claim £15.00 of VAT back?

Expert:  Sam replied 2 years ago.
Hi
Thanks for your response
As this is a new topic, I am afraid as per Just Answer policy, this would need to be treated as additional services. I have issued you with a request.
Thanks
Sam
Expert:  Sam replied 2 years ago.
Hi
Just to let you know I am going to be with clients for the main part of today, but will deal with your further question on my return (if you choose to take up the offer of additional services)
Thanks
Sam

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