The newly-rebranded Association of Professional Financial Advisers, formerly the Association of IFAs, and KPMG have launched a new VAT helpline aimed at financial advisers to help them identify what services are and are not subject to the tax post-Retail Distribution Review.
Available free to all members, the helpline addresses apparent confusion among advisers regarding whether or not advice services will be subject to VAT.
Last month, HM Revenue and Customs appeared to reverse its previous stance that it should be affected.
Chris Hannant, policy director at Apfa (formerly Aifa), said: “This is a hugely complicated issue, which isn’t being clarified by HMRC seemingly back-tracking on earlier guidance.
“Advisers want clarity on which services will and won’t be subject to VAT. To help address these concerns, we are pleased to have partnered with KPMG who can provide expert help on these issues and wider concerns about the impact of VAT on their business.”
Darren Mellor-Clark, associate director at KPMG, said: “VAT is becoming an increasingly troublesome tax for many businesses and private client management is no exception.”
When members access the site, each query will receive a free half-hour conversation with an expert from KPMG. Any subsequent advice required will be offered at a discount.
