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VAT Tribunal decision in the case of Paymex Limited v HMRC
HMRC recently issued a business brief (Revenue & Customs Brief 27/11) in response to the VAT Tribunal decision in the case of Paymex Limited v HMRC, dealing with the VAT liability of services provided by an insolvency practitioner (IP) in an individual voluntary arrangement (IVA).
Following on from the abovementioned business brief, HMRC wish to offer further clarification on the following points which may be of interest or concern to the insolvency profession.
HMRC hopes the above information assists the insolvency profession by further clarifying HMRC’s view of the impact of the Tribunal ruling in this case. IPs may request further advice on the correct VAT treatment in individual cases by contacting the VAT Helpline on Tel 0845 010 9000.