What is Value Added Tax (VAT)
Value Added Tax, commonly known as VAT, is a tax charged on most goods and services supplied within the UK by VAT registered businesses or imported into the UK.
As a VAT-registered business the Union is required to charge VAT at the correct rate on all goods and services it supplies - this includes those supplied by Club and Societies to their members.
VAT on CSP accounts
All Club and Society accounts are shown net of VAT - so where VAT has been charged on income, or reclaimed on expenditure, the net amount will automatically appear on your CSP's accounts. The finance team are responsible for VAT reclaim and will work on the P.O once it has been fully goods receipted and correct VAT invoice has been uploaded. (Please note transaction lines shown in light blue are pending so the VAT amount may still need to be corrected).
To ensure VAT can be reclaimed wherever possible, you must ensure you provide Suitable VAT evidence.
The VAT Implications article has some sport related examples.
If you have any queries on the above please contact the Finance Team on icu.finance@imperial.ac.uk
Still have questions? Check our knowledge base articles or submit a ticket to the Activities Team.
