- HMRC has updated VAT Notice 700/1 regarding businesses registering for UK VAT for specified supplies of finance or insurance services to non-UK customers
- Businesses involved in specified supplies must denote their status by including ‘SPECIFIED SUPPLIES’ in the VAT registration application
- Specified supplies are certain financial or insurance services supplied to non-UK parties, exempt from VAT
- Businesses providing specified supplies can voluntarily register for VAT to maximize VAT recovery benefits
- Financial services or insurance sectors transacting with overseas parties could be making a specified supply, and assistance is available to maximize VAT recovery on costs.
Source: saffery.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.
