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Reviewing and optimising VAT recovery within the financial services sector as the Brexit transition period ends
John Forth

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.

Advocate General removes the insurance wrapper from pension fund management
John Forth

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.

Financial services VAT newsflash: The advocate general's opinion in the Blackrock case has arrived
John Forth

17 March 2020

The opinion of the Advocate General (AG) has been released in the case of Blackrock Investment Management (UK) Limited (Blackrock).

Response to HMRC IPT consultation
Justine McInnes

Insurance Premium Tax is a complex and unusual tax in that while it is the underwriter which is usually the “taxpayer” for IPT purposes, it is generally the broker which bears at least part of the cost of the IPT.

75 per cent of financial firms at risk of missing digital VAT deadline
John Forth

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.

Good VAT news for financial services providers
John Forth

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.

Making Tax Digital – relaxation period for complex organisations

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.

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Making tax digital for VAT - 6 month deferral for complex businesses

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.

When do you need to be MTD ready?
John Forth

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.

880,000 VAT-registered businesses unprepared for new digital tax rules
John Forth

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.

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