- UK insurance intermediaries may reclaim under-recovered input VAT on overseas supplies made before 2024, following a recent tribunal ruling.
- The “insured party condition” for VAT recovery applies only from 1 January 2024, not before.
- Businesses should review input tax recovery for supplies made up to 31 December 2023 and correct any under-recovery.
- Claims must be supported by documentary evidence and, if partially exempt, revised partial exemption calculations.
- Error correction notices to HMRC are subject to a four-year time limit.
Source: icaew.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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