Advisers warned misleading marketing could muddy VAT rules
Advisers have been warned not to mislead and confuse HMRC by claiming to offer investment management services - a VAT chargeable activity - while lacking the necessary permissions to do so.
Under HMRC rules intermediation services and ongoing advice are exempt from VAT but investment management, which requires discretionary permissions, is not exempt from the 20% sales tax. However hazy...
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