16 September 2020
With the end of the transition period on 31 December 2020 the UK financial services (“FS”) sector must prepare for life outside the EU’s single market on 1 January 2021.
18 May 2020
The Advocate General’s opinion in United Biscuits is bad news for those who have claimed historic VAT refunds on investment management fees for direct benefit pension funds.
17 March 2020
The opinion of the Advocate General (AG) has been released in the case of Blackrock Investment Management (UK) Limited (Blackrock).
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.
16 February 2019
HMRC announced on 16 October 2018 that certain VAT registered entities that are deemed to be ‘complex’ will benefit from a six month deferral in relation to complying with the new rules for Making Tax Digital (MTD) for VAT.Read more
03 December 2018
Making Tax Digital for VAT has been deferred for 6 months for organisations considered as having ‘complex requirements’. The decision to delay mandatory MTDfV was based on ensuring complex organisations have sufficient time to test their software solutions and HMRC’s service before they are required to join MTDfV. Find out why this is important and how we can assist.
For those VAT registered businesses which are deemed to be 'complex' then they will need to ensure that they are MTD compliant for the first VAT return beginning on or after 1 October 2019. All other businesses which are required to be registered for VAT will be still be subject to the original deadline and will need to ensure that they are MTD compliant for the first VAT return beginning on or after 1 April 2019.
03 October 2018
New analysis from audit, tax and consulting firm RSM suggests there could be as many as 880,000 VAT-registered businesses in the UK that are unprepared for new digital taxation rules which come into force from April next year.