HM Revenue & Customs has called on IFAs to help it put together specific tax guidance relating to VAT and adviser remuneration.
Speaking at a discussion forum held by the Tax Incentivised Savings Association in London last week, HMRC deductions and financial services team senior policy adviser David Coppins said the department was working on tax guidance for advisers. But he said HMRC needs the help of IFAs to better understand the issues involved when putting together the guidance.
He said: “It is now very much down to HMRC to publish specific tax guidance for you, and that is what we are aiming to do. But I would like to emphasise we cannot do that by ourselves.
“I am not an IFA, I can go away and ask other people to collect information but it would be much easier if through your trade bodies and representatives you actually brought us information about what it is that you do and what you think the VAT liability is.”
Syndaxi Chartered Financial Planners managing director Robert Reid says: “The more people they ask the better to ensure the vested interests of the providers do not prevail.”