Making Tax Digital deadline: How Weatherbys Racing Bank can help racehorse owners

Racehorse owners have just over two months before they are required to submit their VAT returns using MTD software, rather than submitting their VAT returns via the HMRC website.

From 1st April 2022, HMRC is making it compulsory for all VAT-registered entities to submit their VAT returns using new Making Tax Digital (MTD) compliant software. Owners will also be required, by law, to maintain their digital records.

However, all talk of deadlines, VAT returns and new software does not have to worry you – the team at Weatherbys Racing Bank can do it all on your behalf.

We have been completing VAT returns on behalf of racehorse owners since the inception of the Racehorse Owners VAT Scheme in 1993. And we have been using MTD compliant software for our clients since 2019.

By signing up to the Racehorse Owners VAT Scheme you can reclaim VAT on many costs – including the purchase price of a horse, training fees, vet’s fees and blacksmith fees. You can also reclaim VAT on certain out-of-pocket expenses such as hotel bills while you are watching your horse race or train. Owners can expect to recoup from £4,500 a year by simply registering for VAT.

Take advantage of our limited time special offer!

In light of the new HMRC requirement, we are offering to waive the fee* for your first quarterly return if you join Weatherbys VAT Services before 1st April 2022.

*This offer is for any owner currently registered under the Racehorse Owners VAT Scheme who has been submitting their quarterly returns on a regular basis.