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Cann warns advisers may face tax scrutiny if they charge VAT

Advisers who start charging VAT may open themselves up to scrutiny over their past tax bills, warns Institute of Financial Planning chief executive Nick Cann.

Guidelines published by the Association of British Insurers and HM Revenue & Customs in August state that VAT is payable on advice but not on product sales. In cases where advice is given resulting in a product sale, IFAs have to establish which was the predominant service.

Speaking at an IFP retail distribution review conference last week, Cann said: “The big issue is that the broader IFA sector is likely to have presented itself as providing product sales to the VAT man and as providing a service to their clients.

“The risk is that if you have been operating in one way in the past and all of a sudden you change your model and start charging VAT, the VAT man might ask why you were not doing it all along.”

Cann added that it was important that firms look carefully at their business and their client bank to ensure they were satisfying HMRC as well as the FSA.


Treasury select committee approves Weale’s appointment to MPC

The Treasury select committee has approved the appointment of Martin Weale as a new member of the Monetary Policy Committee. Weale was provisionally appointed by the Treasury in July and, following its hearing with Weale today, the committee says it is satisfied that he fulfils the criteria of professional competence and personal independence that it […]

Helvetia Wealth acquires Scottish IFA

Swiss and Leichtenstein-based asset management firm Helvetia Wealth has acquired Scottish IFA Dunedin Independent. Dunedin launched in 1994 and specialises in providing bespoke investment management to high net worth investors across the UK. The firm has £350m of funds under management and has approximately 30 employees. Following the deal, chairman and majority shareholder, Mark Emlick, […]

Polson leaves Standard Life

Standard Life head of trading Mark Polson has left the company. Polson joined Standard in 2007 to develop the platform business. His departure comes less than a week after Standard announced it was cutting up to 500 jobs in the next 15 months.


Letters to the editor

Yet another idea for protecting consumers that removes their choice and, in many instances, fouls up their existing financial planning. Many clients rely on an inheritance, tax-free cash from pensions, sale of investment properties or simply a future downsize as a means of repayingoutstanding capital. Are consumers so truly stupid that they cannot be relied […]


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