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.
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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies