HMRC have opened a Consultation on a rewrite of its guidance associated with the VAT treatment applicable to financial services. (current version accessible here) HMRC’s stated intention is to provide greater legal clarity/certainty with respect to published VAT guidance for the sector.
The Consultation commenced in 2024 and HMRC has convened a Finance Liaison Group (“FLG”) with representatives from various financial services industry bodies, including the Payment Association.
We are therefore convening a special Working Group to allow members the opportunity to discuss the proposed changes and collate feedback that can be presented back to HMRC.
VAT can have a material impact on the costs arising within payment supply chains and can affect business’ across the payments ecosystem. Unexpected VAT costs can impact the competitiveness of business models and the UK’s payments industry. We are keen to have representation across all aspects of and participants in the payments ecosystem, to bring a comprehensive perspective to HMRC, and ensure that any changes and the consequences of such are fully thought through and understood.
The session will take place on Friday, 7 March 2025, from 09:30 to 12:30, at Deloitte London Office, and will allow plenty of time for questions and discussion. We encourage members to provide feedback that can be shared with HMRC to ensure a well-rounded industry response.
This workshop will bring together a variety of viewpoints from across the payments industry, offering an open discussion on the VAT changes and their potential consequences. We welcome attendance from CFOs, finance, and tax professionals interested in shaping the industry’s response to HMRC.
Please note there are only 20 spaces available at this in-person event. Attendance is limited to one representative per member company. If someone from your company is already registered, your ticket may be declined. In this case, please contact [email protected] to discuss attendance options.
The Payments Association
St Clement’s House
27 Clements Lane
London EC4N 7AE
© Copyright 2024 The Payments Association. All Rights Reserved. The Payments Association is the trading name of Emerging Payments Ventures Limited.
Emerging Ventures Limited t/a The Payments Association; Registered in England and Wales, Company Number 06672728; VAT no. 938829859; Registered office address St. Clement’s House, 27 Clements Lane, London, England, EC4N 7AE.
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