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LETTER: I don't understand Richard Griffiths' stance on VAT.(Letter to the editor)
From Ian Dalzell
While I agree that it was somewhat lax on the part of Network Data not to warn its advisors that VAT could be payable on their membership fees, I do not understand where Richard Griffiths is coming from.
Where brokers receive commission it is exempt from VAT (see VAT Notice 701/49) and brokers should not register. They can't claim VAT back on any inputs (e.g. stationery - not just network fees).
Indeed, if their income is all exempt from VAT, HM Revenue & Customs will not register them because they are not making "taxable supplies".
It is only where a fee is charged to a client for advice that a supply becomes …
- LETTER: I don't understand Richard Griffiths' stance on VAT.
- News wire article from: Europe Intelligence Wire January 11, 2007 700+ words
...Data not to warn its advisors that VAT could be payable on their membership fees, I do not understand where Richard Griffiths is coming from. Where brokers receive commission it is exempt from VAT (see VAT Notice 701/49) and brokers should...
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- Magazine article from: Mortgage Strategy December 11, 2006 700+ words
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- BREAKING NEWS: Network Data faces AR revolt over VAT.
- Magazine article from: Mortgage Strategy December 18, 2006 700+ words
...representatives following the debacle over VAT on membership fees. Two weeks ago the...them they are liable to pay backdated VAT on membership fees from December 2004...a result of this turn of events. But Richard Griffiths, chief executive of Network Data Holdings...
- COMMENT: Kicking packagers when they're down.
- Magazine article from: Mortgage Strategy February 14, 2005 700+ words
...its own packager panel, says Richard Griffiths RICHARD GRIFFITHS, managing director, Network...However, the dreaded subject of VAT rears its ugly head. My understanding...lenders, should be subject to VAT at the standard rate. If so...
Source: HighBeam Research, LETTER: I don't understand Richard Griffiths' stance on VAT.(Letter...
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