VAT for Financial Services

Understand your VAT obligations as a financial services business and where exemptions might apply. As VAT specialists, we’ll answer your questions directly and in plain English.

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Why haysmacintyre

VAT in the Financial Services sector has always been, and continues to be, complex. We understand that in an increasingly global, regulated and digitalised sector, businesses struggle to apply complicated VAT rules to their businesses and activities.

We work with clients to explain these complex rules, all the way from start up – helping clients factor in VAT liabilities and recoveries in start-up models and budgets and negotiating with HMRC to put in place VAT registrations – to more established businesses going through the process of HMRC inspections, partial exemption modelling and expansion.

Whether you are fund manager, a fintech start-up, or a corporate finance advisory business we can help you make sure that you account for VAT correctly, minimising risk of HMRC (or other tax authority) assessment, maximising VAT recoveries and making sure VAT is not a commercial or pricing risk for you in customer discussions.  Our approach is to provide you with straightforward, direct advice that avoids jargon which allows you to make effective decisions and ensure VAT is not a burden on your business. If you’d like to discuss any VAT issues please get in touch and one of our specialists would be happy to discuss your query.

Get in touch

Our mini-series on VAT basics for financial services businesses takes a look at the key aspects of VAT that businesses need to know. Click below for the first video in this series.

We can advise on the whole range of VAT services and queries for your business. We’ll guide you through all the various reliefs and grey areas to present a clear picture of your options and our recommendations.

  • Compliance
  • Partial exemption methods and planning
  • HMRC enquiries and disputes and Alternative Dispute Resolution (ADR)
  • Mitigating penalties
  • Property transactions and fundraising
  • Capital projects
  • Managing VAT cashflow
  • Cross-border transactions
  • VAT reviews

HMRC has become increasingly determined to maximise its revenue and for some clients that can seem worrying. Yet a rational, objective response usually succeeds. On the very rare occasions we have to resolve a VAT dispute in court, the result is almost always in our client’s favour.

Brexit may mean we’re no longer part of the EU, but Europe is still our biggest market, and we work regularly for clients active in UK/EU trading. We work with MSI global alliance in Europe and around the world, to ensure the smoothest possible VAT transactions and compliance on exports and imports.

VAT basics for financial services businesses

Understand the basics of VAT for financial services businesses to understand your compliance and reporting obligations.

VAT on international supplies in financial services

Whether your business exports services internationally, or receives supplies from a non-UK based business, there are different VAT treatments depending on the situation.

VAT position for UK fund managers

VAT exemption on fund management Fund management services in the UK are generally exempt from VAT. This exemption aligns with the broader treatment of financial services under VAT regulations. However, the exemption is dependent on satisfying specific conditions, highlighting the intricacies of VAT legislation in the financial sector. If the conditions for exemption are not […]

VAT insights

We regularly publish insights on the latest VAT news and updates. To stay up to date and for our expert analysis, click below for more.

haysmacintyre: Is your structure fit for purpose? Overview of VAT for property businesses

Transfers of a Going Concern (TOGC) One of the key areas for any business involved in the buying or selling of property is the question of whether a sale or purchase can qualify as a Transfer of a Going Concern (TOGC). If a transfer qualifies as a TOGC there is no VAT chargeable on the […]

I like that you have a one-stop shop, not just one accounting discipline…we often get complex VAT scenarios, require corporate tax advice or simply need employment guidance etc and they have never let me down. I’d put haysmacintyre at the top. I think they just get it from a client perspective.

Tim Pain

Verve Properties
Phil Salmon

Phil Salmon

Partner, Co-Head of VAT
Email Phil
Dougie Todd

Dougie Todd

Partner, Co-Head of VAT
Email Dougie

Insights

See all of our latest news related to VAT.

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VAT on international supplies in financial services

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The basics of VAT in the Financial Services sector

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Awards and Accreditations

Accounting Excellence Large Firm of the Year 2023
eprivateclient top accountancy firm 2023

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