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18 Jul 2011
HM REVENUE & CUSTOMS has lost a landmark case over VAT charges on personal insolvency procedures.
The latest ruling means that insolvency practitioners can offer the insolvency service without charging VAT while also gaining the chance to recoup backdated payments.
Further reading
Insolvency company Paymex has been battling with the Taxman to clarify whether or not individual voluntary arrangements (IVAs) should be VAT exempt, Manchester Professionals reports.
An IVA entails an insolvency practitioner consolidating and reducing a person's debt and arranging repayments over a contracted period of time.
The judge ruled that insolvency practitioner services in arranging an IVA are exempt from the tax under European legislation.
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Visitor comments Add your comment
IVA Charges high fee's anyway...
Regardless IVA's charge ridiuclously high fee's anyway.
Saying that the comment in the article comes from the Paymex group who sold Blair Endersby to Grant Thornton because [comment moderated]....#contradiction
Posted by: darren, 19 Jul 2011 | 10:28