Insurance firms face many common VAT challenges. Our experience suggests that your largest VAT risk is likely to be the miscoding of your premium income or commission between EU and non-EU, which has a direct bearing on the amount of VAT you can reclaim on your costs. We have found an average error rate of 8% in the businesses we have advised. HMRC can consider such errors careless, so if you would like to gain comfort over your tax position, our dedicated joint VAT and consulting team can help.
We have also found firms consistently undervaluing their non-EU income. Our expertise in this area could generate an unexpected VAT windfall, alongside the benefit of a professional review and sign-off on your VAT risk management procedures.
Drawing on their insurance industry experience, our team of VAT specialists also advise on cross-border services, reverse charges and partial exemption. We can help to reduce your costs through exempting incoming services and/or achieving a reasonable recovery of VAT.
We also deal with Insurance Premium Tax and other EU premium taxes, helping you to minimise risks and take advantage of any opportunities that arise.
A Moore Stephen’s Risks & Opportunities meeting means that one of our VAT experts will sit round the table with you to understand your business, and talk about current VAT issues affecting your sector. Once we know more about your business, we can let you know of any future VAT changes that might be a risk or an opportunity.
This meeting is free, and if you are interested, please email your details, and we will be in touch.