Financial Services |
Our financial services team provides VAT services to clients in the banking, insurance, and funds sectors, as well as to brokers, hedge funds and commodity traders. We are primarily concerned with maximising VAT recovery for our clients and reducing their costs, in addition to advising on whether they should charge VAT on the services they supply.
Our services also include:
Building partial exemption methodologies
Our extensive experience in building, designing and refining partial exemption methodologies enables clients to better calculate how much VAT they can reclaim.
Refund opportunities
As a team, we pursue refund opportunities with HMRC on behalf of our clients. The Condé Nast judgment raised some specific opportunities in the financial services industry and we were able to secure a refund of £6m in under claimed VAT for a major UK clearing bank.
Systems
From 1 January 2010, the changes to the place of supply rules have altered the way in which VAT is paid by the financial services industry. We assisted our clients in re-configuring their systems so that they are accurately capturing their VAT data today.
Islamic Finance
We advise on the specific VAT rules governing Islamic Finance and work with a number of providers in agreeing favourable VAT treatment for their products, whilst securing full recovery of VAT on costs.
Specialist advice
We can also provide specialist advice tailored to your business – for example, advice around the VAT treatment of commodities trading, or on Insurance Premium Tax.
Contact
Richard Gilroy
020 7303 2864
rgilroy@deloitte.co.uk
