Phil Salmon, Partner and Co-Head of VAT, sets out some further thoughts on the possibility of the introduction of VAT on school fees in the second of a series of articles.

From 1 April 2023, the ‘associated companies’ rules were reintroduced for Corporation Tax purposes. Individuals, trustees, partnerships and funds who control several companies which are not in a group structure should now be considering these rules and the impact they are likely to have on Corporation Tax rates and quarterly instalment payments for their companies’ current and future accounting periods.

Following HMRC’s announcement in January 2024, concerning the mandatory payrolling of benefits from April 2026, we are still waiting on sight of the draft legislation for consultation. However, we do know the following…

UK fund managers must comply with a complex array of VAT regulations, particularly concerning the exemption of fund management services. Understanding the VAT position of UK fund managers is crucial for compliance and strategic financial planning.

The globalisation of financial services necessitates a comprehensive understanding of VAT treatment on international supplies for UK-based businesses. This complexity is heightened when dealing with services to non-UK customers and costs incurred from non-UK suppliers.

For financial services businesses, understanding the VAT rules is crucial for maintaining compliance and optimising tax efficiency. This article aims to demystify the basics of VAT as it applies to financial services, guiding businesses through the complexities of VAT recovery, exemptions, and the nuanced calculations required for partial exemption and attribution of residual costs.

In recent times, has there been a more interesting, dynamic and challenging time to be a Small and Medium-sized enterprise (SME) in the UK?

Welcome to our quarterly roundup of Tax Disputes & Resolutions news, updates and more, from January to March 2024.