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

Aviva platform net flows up 24% in Q1 to £1.6bn in 'buoyant market'

Aviva platform net flows up 24% in Q1 to £1.6bn in 'buoyant market'

Provider’s trading update for Q1

Jenna Brown
clock 14 May 2026 • 2 min read
CIP design and platform selection: Which really comes first?

CIP design and platform selection: Which really comes first?

Firms can take steps for better CIP delivery

Mark Sanderson
clock 07 May 2026 • 4 min read
Why advisory businesses need to question their platforms' operational resilience

Why advisory businesses need to question their platforms' operational resilience

'If you're a financial advice firm, client trust is your most valuable asset'

Martin Jennings
clock 30 April 2026 • 4 min read