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VAT: Making and receiving overseas supplies

VAT treatment of supplies when exporting and receiving those supplies overseas is reliant on understanding the place of supply rules. Dougie Todd, Partner and Co-Head of VAT, explains the key aspects financial services businesses need to be aware of.

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VAT
5th April 2024
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VAT on international supplies in financial services

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.

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VAT
4th April 2024
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The basics of VAT in the Financial Services sector

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.

Insights
VAT
3rd April 2024
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VAT for financial services: The basics

For financial services businesses, understanding the VAT rules is crucial for maintaining compliance and optimising tax efficiency. Dougie Todd, Partner and Co-Head of VAT, explains the basics of VAT for the Financial Services sector.

Media
VAT
3rd April 2024
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VAT Treatment of Payment Processing Services

‘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 […]

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VAT
26th October 2023
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Intermediaries and VAT – What it means for you

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.

Insights
VAT
24th July 2023
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Corporate VAT and Tax Update – Q3 2021

Our latest quarterly newsletter for corporate entities is now available to download.

Publications
VAT
12th November 2021
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Corporate VAT and Tax update – Q2 2021

Welcome to our quarterly VAT and Tax update for corporate entities. The topics covered within the update are: Fixed establishment Potential changes to VAT as it applies to land and property Import One Stop Shop Charging of electric vehicles Zero rating of construction of new building – change of use Loan servicing by third party – […]

Publications
Tax
3rd August 2021
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