With events back up and running many organisations need to get back up to speed with settlements too. Part of settlements is of course managing the new variable VAT tax rates which came in on the 15th of July 2020. This is important as there are now different rates of VAT applicable to different products including refunds from 5-20%.
The Arts Working Group has come up with an amazing spreadsheet-based tool to help make these complicated calculations much, much easier. The tool automatically accounts for PRS, splits and VAT making it simple to get the correct figures for VAT calculated quickly.
Using this tool means that you can quickly and easily calculate various rates of tax, and let agents know how to invoice you correctly and with the correct VAT rates. This means that no one - the agents nor your organisation take the hit on VAT.
Before diving in and using this tool please note:
- The nifty spreadsheet tool you can download below was developed by The Arts Working Group - not by accountants. We are not accounts, so please do chat with your accounts or finance team to be sure this is the right tool for your organisation.
- The spreadsheet tool is an excel spreadsheet and should be downloaded as an excel file only. Using Google sheets or other spreadsheet apps may corrupt the formulas used in the sheet rendering them incorrect.
- The spreadsheet makes use of information found in the Event Settlement Report in Ticketsolve. If you are on another platform, you may require a different report to generate the figures needed to calculate the variable VAT figures. If you need help generating an Event Settlement Report, get in touch with support and we’ll help you get started!
- The spreadsheet is fully customisable so you can make changes to it to suit your needs and any VAT changes in the coming years. And if make any improvements to the spreadsheet get in touch with the Arts Working Group so they can share with the wider arts and culture community!
With those caveats out of the way, take a look at the video below to understand more about the VAT spreadsheet tool and how it works.
Download the spreadsheet tool to get started. For more information or to get help, please contact email@example.com
About The Arts Working Group
The Arts Working Group represented by theatres, venues and arts and cultural centres across the UK has come together to help arts organisations and formulate re-opening plans that make sense financially but also protect staff and audiences alike. The working group will also bring these solutions to policymakers to ensure supports are in place to make re-opening possible. Ongoing, AWG aims to share knowledge, experience and insights across the entire arts, culture, and heritage sector.
With Special Thanks…
Thank you to Kai Aberdeen for taking the time to create this spreadsheet and sharing it with a wider audience. Thank you also for the time you have spent recording the video and the effort you have put into making sure the sheet is available to all who might require the support.