Transact on the hook for £4m VAT bill

Follows HMRC ruling

clock • 1 min read

Transact’s parent company Integrafin has been handed a £4m bill for backdated VAT following a ruling by HM Revenue & Customs (HMRC).

A stock exchange announcement, released on January 28, said Integrafin had been notified by the revenue that its Australian subsidiary software development firm Integrated Application Development (IAD) had been excluded from the UK VAT group on 16 July 2016 - meaning services it provided from that date would be subject to reverse-charge VAT. The business now faces a £4.3m additional VAT charge plus an ongoing bill of £1.4m a year. It said: "The company included IAD in the UK VAT group having taken specialist advice and followed that advice to ensure that the inclusion of IAD's branch ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Platform functionality: Beware change for change's sake

Platform functionality: Beware change for change's sake

'It's all too easy to end up in the realm of bolt-ons and fripperies'

Steve Andrews
clock 26 June 2026 • 4 min read
Vanguard UK Platform Awards – Last day to vote

Vanguard UK Platform Awards – Last day to vote

Last chance to vote across several categories

Clive Waller
clock 26 June 2026 • 1 min read
Most advice firms only 'somewhat satisfied' with platforms' data

Most advice firms only 'somewhat satisfied' with platforms' data

According to NextWealth’s Data Openness Report 2026

Sophia Panayi
clock 18 June 2026 • 2 min read