Apfa and KPMG launch VAT helpline for advisers

The Association of Professional Financial Advisers (Apfa) and KPMG have launched a VAT helpline for the trade body's members.

KPMG experts will be on hand to advise Apfa members on issues including VAT treatment of fees and commissions, VAT accounting for 'pay aways' such as commissions and fee splits and the correct and optimal recovery of VAT.

The service will also give Apfa members access to advice on VAT changes arising from regulatory developments including the retail distribution review.

The launch follows the confusion surrounding VAT treatment of advisory services when in October the HMRC appeared to reverse its earlier view that ongoing advice services should be subject to VAT.

Chris Hannant (pictured), policy director at Apfa said: 'This a hugely complicated issue, which isn’t being clarified by HMRC seemingly back-tracking on earlier guidance. Advisers want clarity on which services will and won’t be subject to VAT.

'To help address these concerns, we are pleased to have partnered with KPMG who can provide expert help on these issues and wider concerns about the impact of VAT on their business.'