Martial Arts Accounts
Dennis & Turnbull are a leading firm of accountants in the Martial Arts industry, with specialist knowledge and expertise in VAT exemption matters.
We have offered consultancy, accountancy, VAT and tax advice to the Martial Arts industry for the last 10 years. During this period we have taken on schools of all sizes around the country, with tuition income ranging from £20,000 to £1,000,000 and growing.
The VAT threshold for registration is £64,000 (correct as at 1 April 2007). Once taxable supplies are at this level, there will be a liability of over £8,500 per annum due to HM Customs and Excise, and a further 17 ½ % on any taxable supplies thereafter. There would be input tax reclaimable on any purchases that include VAT, however in our experience we have found that this would normally be minimal, and as such you would be left with a VAT bill which, in this industry, cannot be passed on to your students.
We can structure your business so that the taxable supplies are under the VAT registration limit. As a firm of specialists, we can also obtain rulings from HM Customs and Excise confirming that registration is not required. Further details of this, and details of our successes, can be found on our About Dennis & Turnbull page.
Due to these successes, we are confident that we can restructure your business in such a way so that VAT registration is not required. However, we are not the only ones confident in our services, as we have arranged exclusive insurance cover with Abbey Tax Protection to cover any accountancy fees relating to a H M Customs and Excise investigation, which will be made available to all schools that follow our advice.
Would you risk and, more importantly, can you afford to take this advice from anybody else?