by Jez Bond
This morning we had a key meeting concerning VAT. Even our highly experienced accountant finds it a most confusing and complex topic.
Having engaged in substantial conversations on the subject over the past year and having been to see a specialist VAT consultant almost eighteen months ago, we felt that some revision and clarification on various points would be most useful.
However rather than returning to the man we saw previously we decided to find someone who was more able to communicate in a language that we could understand – someone who might perhaps answer more questions that he posed. We went therefore to a different company.
Whilst his name would suggest a philosopher and sometime procrastinator, Socrates (whose clients include the NT) was extremely helpful in simplifying matters and cutting to the chase. We spent a couple of hours navigating through a few options, being steered by some key factors. Perhaps the most important of these was our desire, as The Park Theatre charity, not to charge VAT on tickets or hires – so the real trick for us here was to work out how best to structure the finances so that a portion of VAT can be claimed back on the build costs. The short answer….. there isn’t a short answer.
The long one…. not one for the blog!