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HOME / KNOWLEDGE / VAT recovery for AIM listed companies

VAT recovery for AIM listed companies

You may not be aware that holding companies which are VAT registered are being investigated as part of a campaign by HM Revenue & Customs to ensure the holding company is entitled to be VAT registered.

Jeffreys Henry LLP, a leading provider of audit, tax and advisory services to AIM listed companies, is currently in the process of defending several AIM listed companies that have come under attack. In some cases, HM Revenue & Customs has raised VAT assessments to recover all VAT incurred by the holding company over the last four years.

HM Revenue & Customs has successfully challenged that holding companies cannot be VAT registered even when the initial VAT registration was fully approved and subsequent VAT inspections did not prompt any enquiry. This is a new initiative and the Tax Tribunal had heard two cases and, in both, upheld HMRC’s argument that the holding company was not eligible to recover any VAT because they did not meet the requirements of a company carrying out ‘business activities’ to enable them to recover VAT.

In view of the above it is vital that AIM listed companies appraise their current holding company arrangements to satisfy themselves that, in the event of a review by HMRC, their management and financial activities meet HMRC’s requirements for the recovery of VAT on related costs.

Even holding companies which undertake an active role in the management of their subsidiaries, have been successfully challenged and the VAT recovery on all costs has been disallowed.

INTRODUCTORY MEETING

CONTACT US TO ARRANGE AN INTRODUCTORY MEETING, OR FOR A QUOTE.

nick-michaels-jeffreys-henry

NICK MICHAELS

Partner - Capital Markets


Throughout his career, Nick has extensively worked with public listed companies, including those listed on the LSE Standard List, AIM, Aquis (NEX) and CSE listed companies, during a time of accelerated growth, reverse takeovers and mergers and acquisitions.
sanjay-parmar-jeffreys-henry.jpg

SANJAY PARMAR

Partner - Capital Markets


Sanjay qualified as a Chartered Accountant in 1990. He is a corporate specialist with a client base in various sectors. Sanjay is the lead auditor on over 21 of our listed companies and has acted as the Reporting Accountant on a number of IPO’s and reverse transactions. He has extensive experience in the application of International Financial Reporting Standards (“IFRS”) and undertaking investigating accountant assignments on acquisitions.
Bhimal Hira
Bhimal Hira

We’re one of the UK’s leading tech-enabled providers of accountancy, audit, tax and advisory services to fast-growth SMEs, international businesses, listed companies and private individuals.

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Jeffreys Henry LLP is a Limited Liability Partnership registered in England and Wales with registered number OC306971. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001108797. VAT Registration Number 243307782. A list of Partners is available for inspection at the below address. Jeffreys Henry Audit Limited is registered in England and Wales with Company number 13172931. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C008924259. VAT number 374306694. A list of Directors (who we also refer to as Partners) is available for inspection at the below address. Jeffreys Henry Business Services Limited is registered in England and Wales with Company number 13128469. VAT number 369869417. A list of Directors (who we also refer to as Partners) is available for inspection at the below address. Each entity’s registered office is at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
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