‘Target’ decision means payment businesses may not meet the conditions for VAT exemption. The Supreme Court has issued its decision in the “Target Group Ltd (‘Target’) v HMRC” VAT case, which considered whether supplies made by Target qualified for VAT exemption. The Supreme Court found in HMRC’s favour that the conditions for the exemption were […]

Broadly speaking, if you are a member in a partnership or an LLP which has an accounting year end other than 31 March to 5 April, then you are!

Salaried Members (SM) legislation: The Upper-tier Tribunal (Tax and Chancery) (UTT) judgement on appeals by His Majesty’s Revenue and Customs (HMRC) and BlueCrest Capital Management (UK) LLP (BlueCrest) heard on 27-29 June 2023, was released on 18 September 2023. The judges confirmed that the First-tier Tribunal (FTT)’s decisions were correct and dismissed both appeals. However, the judges did provide some clarification on HMRC’s interpretation of the ‘significant influence’ exclusion which was considered too narrow. It remains to be seen if either HMRC or BlueCrest take their appeals further.

We are delighted to announce that haysmacintyre has been shortlisted for ‘Best Audit Firm’ within the Private Equity Wire European Emerging Manager Awards 2023.

Many different types of intermediaries are found in the financial services sector but the VAT treatment of their services can be difficult to identify, presenting pitfalls where you act as one, or if you seek their assistance.

The UK payments industry, encompassing merchant acquiring, payment gateways, digital wallets, and payment service providers (PSPs), is a rapidly growing sector. The payment industry has experienced impressive growth in recent years, driven by technological advancements, shifting consumer preferences, and the rapid rise of e-commerce. As a result, the global payments market is expected to reach an astounding $8.94 trillion by 2027 (Grand View Research, 2020). Transaction volumes reached £97.1 billion in 2020, with an anticipated CAGR of 8.2% through 2025 (UK Finance, 2021).

However, a contraction was witnessed in the fintech landscape in 2023, with a 12% drop in global deal volume, compared to the previous year (Fintech Global, 2023). Nonetheless, the sector’s growth and innovation potential remains strong. Amidst heightened competition, accurate financial reporting and robust analysis emerged as the decisive differentiator for fintech firms.

The payment industry has experienced impressive growth in recent years, driven by technological advancements, shifting consumer preferences, and the rapid rise of e-commerce. The global payments market is expected to reach an astounding $8.94 trillion by 2027 (Grand View Research, 2020).

This month our FS Insight has been written by Danielle Ford, Head of Tax Disputes & Resolutions, covering why HMRC has ramped up its communications regarding nudge letters and why you need to act.