The Association of Professional Financial Advisers (APFA) and KPMG have unveiled a new VAT helpline, available free to all APFA members.
The trade body says the launch comes as many advisers report confusion at the messages from HMRC over whether ongoing advice services will be subject to VAT. Last month, HMRC appeared to reverse its earlier view that it should be affected.
KPMG specialists will be on hand to advise APFA members on issues including VAT treatment of fees and commissions; VAT accounting for ‘pay aways’ such as commissions and fee splits; the correct and optimal recovery of VAT on cost bases; VAT changes arising from regulatory developments such as the Retail Distribution Review and dealing with HMRC and disclosure of VAT errors and omissions.
Chris Hannant, policy director at APFA, said: “This a hugely complicated issue, which isn’t being clarified by HMRC seemingly back-tracking on earlier guidance. Advisers want clarity on which services will and won’t be subject to VAT.
“To help address these concerns, we are pleased to have partnered with KPMG who can provide expert help on these issues and wider concerns about the impact of VAT on their business.”
Darren Mellor-Clark, associate director at KPMG, said: “VAT is becoming an increasingly troublesome tax for many businesses and private client management is no exception. We are delighted to offer this complimentary VAT helpline service to all APFA members.”