- HMRC has updated VAT Notice 700/1 regarding VAT registration
- Changes have been made to para 2.7 regarding Specified Supplies
- Businesses affected include those supplying finance, insurance services, or investment gold outside the UK
- Specified Supplies are exempt from VAT in the UK but taxable outside the UK
- Businesses making Specified Supplies can register for VAT on a voluntary basis
- It is recommended that businesses in the specified categories consider registering in the UK
- Businesses must clearly state ‘SPECIFIED SUPPLIES’ during the application process to avoid delays and queries from HMRC
Source: marcusward.co
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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