Fees in advance is probably the most controversial aspect of all the things that have been commented upon with regards to (the now almost certain) introduction of VAT on school fees.

When the possibility of VAT being introduced on school fees was first mentioned, there was talk about being able to recover VAT incurred on costs which were previously irrecoverable. What followed, was a certain degree of incredulity as to whether this was possible and mutterings from within the Labour Party that they would put a stop to that!

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.

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.

We are now under a year away from the latest date by which the next General Election must be held (24 January 2025), so it seems appropriate to start to set out some of the things that independent schools should be considering in the event that Labour form the next Government and follow through on their promise to introduce VAT on school fees.

Have you considered opting to tax your land and buildings? Unsure of how opting to tax your buildings or land might affect you?  Keep reading to find out whether opting to tax is the right plan of action for you. In this article we provide an overview of what an Option to Tax is and discuss some of the benefits and implications of opting properties.

The VAT Domestic Reverse Charge (DRC) for building and construction services was introduced on 1 March 2021. For all businesses within these industries, it is important to be aware of the relevant supplies that this applies to and how it works in practice.