12 July 2019
New figures from HMRC have revealed that three quarters of VAT-registered financial firms have yet to sign up for Making Tax Digital and risk missing the deadline to do so.
08 March 2019
Draft legislation issued last week appears to be very good news for FS providers who supply services to recipients located in the EU, and who currently suffer a significant VAT cost on such supplies – resulting from VAT recovery on the costs associated with these supplies being blocked.
26 March 2018
HMRC has signalled the end of VAT cost sharing groups in the financial services sector after publishing a briefing paper on its response to a recent EU ruling. Although not widely used across the industry, VAT cost sharing structures operate as a valuable VAT cost reduction tool for financial services firms - particularly when combined with other VAT cost reduction mechanisms.
The EU Commission has confirmed that it is commencing infraction proceedings against the UK in respect of trading in certain commodity derivatives. At present transactions in relation to commodity derivatives including spot trades, futures and options benefit from a VAT zero rate under what is referred to as the Terminal Markets Order (TMO).