The Association of Professional Financial Advisers and KPMG have launched a new VAT helpline which is free to all Apfa members.
There has been widespread confusion around HM Revenue and Custom’s VAT rules for post-RDR advice, following contradictory guidance from HMRC and industry bodies.
KPMG experts will be on hand to advise Apfa, formerly Aifa, members on issues including VAT treatment of fees and commissions, VAT accounting for areas 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 RDR and dealing with HMRC and disclosure of VAT errors and omissions.
To access the service, Apfa members can visit the website. Every query received will be followed by a free 30-minute discussion with a KPMG tax expert.
Should any VAT advice be required, KPMG is offering a 20 per cent discount on standard charge-out rates to Apfa members raising queries through the helpline.
Apfa policy director Chris Hannant (pictured) says: “This is a hugely complicated issue, which is not being clarified by HMRC seemingly back-tracking on earlier guidance. Advisers want clarity on which services will and will not be subject to VAT. To help address these concerns, we are pleased to have partnered with KPMG which can provide expert help on these issues and wider concerns about the impact of VAT on their business.”
Technology and Technical director Kim North says: “It is a shame KPMG is only offering this service to Apfa members. It should also look to offer it to Personal Finance Society and Unbiased.co.uk members to ensure as many advisers as possible have access to VAT advice.”