Why Do Insurance Companies Not Pay Vat

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What Is Vat Registration Process Personal Finance Registration Finance

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And hmrc want this now along with any penalties and interest whether the insurance company can offset this against their vat charges is immaterial as you have failed to undertake the obligations required by you.

Why do insurance companies not pay vat. Insurance transactions are exempt from vat. Normally vat cannot be recovered on goods and services bought in to make exempt supplies see paragraph 7 1for more information. It is mandatory that businesses file their vat return online and make electronic payments on time. The issue was whether various back office services provided by arthur andersen to a life insurance company were exempt from vat.

Macc registered user. Payments must be made. What the insurance company are saying is that if you had a vat registered builder who could recover the vat then he would charge you net plus vat and i am assuming you are vat registered you could recover the vat if it relates to you making taxable supplies. 22 apr 2009 13 your argument is that i did not get the car repaired so i am not entitled to the vat if i follow this line of thought then i am not entitled to any.

The builder is assumed to be supplying all the materials and as he is not vat registered the cost to him will be gross and he will charge you gross because he cannot charge you vat. In the meantime i thought i d talk about insurance or when it s not insurance and when it s exempt from vat. Vat returns will be filed quarterly unless a business is in trouble with hmrc or receives regular repayments. Not the most exciting of subjects but at least it s change from the budget.

Not paying corporation tax failing to pay paye and missing vat payments should not be taken lightly as the impact on companies and directors can be very limiting. Of course it s what the policy states that. Where the insured is not vat registered then their loss is the full amount of the bill and the insurance company pays the full amount. Therefore if they are invoiced for the work they pay the vat inclusive amount and can t reclaim it.

I do not know who has advised you of this and whilst i agree in theory hmrc are at a loss as you have failed to pay the vat you should have charged at the time. Where the insured is a vat registered trader and can reclaim the vat then he is out of pocket by the net amount and that s what the insurance company pays out. These included accepting applications issuing managing and cancelling insurance policies and managing claims. Why do you expect the vat when no repairs have been undertaken and no vat had been incurred think about it.

So it seems that somewhere along the road either the insurance company believes their customer can reclaim the vat or more likely they just got it wrong. In carrying out these tasks the company had authority to make decisions binding on the insurer. One of the most common queries from businesses and accountants is whether they have to charge vat on insurance. An insurance company is vat exempt meaning it does not charge or reclaim vat.

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