I’ve recently joined a post-accident management business as FD. I understand that HMRC has been focusing on the sector recently particularly in relation to the exemption for claims handling. However I have some concerns about some of our VAT accounting processes and the documentation we issue and receive. Aside from considering whether the exemption is applicable what does HMRC focus on when inspecting a business like ours?
Answer
HMRC has recently been targeting a wide range of businesses offering insurance claims handling services and this is expected to continue.
Businesses in the sector will typically be involved in providing a number of services connected with a claim by an insured person including car hire arranging for valuations and repairs medical reporting...
If you are not a subscriber, subscribe now to read this content.
I’ve recently joined a post-accident management business as FD. I understand that HMRC has been focusing on the sector recently particularly in relation to the exemption for claims handling. However I have some concerns about some of our VAT accounting processes and the documentation we issue and receive. Aside from considering whether the exemption is applicable what does HMRC focus on when inspecting a business like ours?
Answer
HMRC has recently been targeting a wide range of businesses offering insurance claims handling services and this is expected to continue.
Businesses in the sector will typically be involved in providing a number of services connected with a claim by an insured person including car hire arranging for valuations and repairs medical reporting...
If you are not a subscriber, subscribe now to read this content.
.tmb-editorspic.jpg?sfvrsn=df04ab27_1)
