- VAT rules for insurance brokers and MGAs can be complex.
- Not all activities in the regulated insurance industry are VAT exempt.
- VAT treatment depends on the commercial and economic elements of the transaction.
- Insurance brokers and MGAs act as intermediaries between insurance providers and those seeking insurance.
- Intermediary services are VAT exempt.
- Taxable supplies include staff salaries and other services not supplied by an intermediary.
- Businesses must register for VAT if their taxable supplies exceed the threshold.
Source: pkf-l.com
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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