Hi to all I got a question about vat in iva's as andy describes On his website we shouldn't be paying the vat on the fees. Will our ip's claim this back! Will they contact us and tell us this? Not in my case as I have received a letter with a new variation Inc a fee for 300 plus vat if as andy says a tribunal has said that hmrc should pay back vat that was paid fron an iva should be paid back onto the iva any answers on this?
I know there is an issue with VAT at the minute but won't proclaim to fully understand, one of our experts will be along soon to comment if they so wish. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Not a clue either. It's best left to the IP's to sort out. The only way it affects us is those waiting for completion letters and the wife tells me that these are starting to come out now.
Varden Nuttall are claiming back vat so I assume no-one's thought to update the template letters they send out. The vat doesn't really affect clients unless it is holding up completion as the money will go straight to Improving your dividend. I assume they didn't communicate with us because it's only administrative. x
Just come across this thread. Your IP should not be charging VAT any more on fees. A lot of IP's do quote the wording that was in place at the time that the proposal was drafted so that it is clear how they were authorised to take fees. They may be referring to this in the variation. Or as BOL stated it could simply have been an oversight and not yet removed from the templates.
The best place to look to see if VAT is being charged is in the calculations sheet.
It shouldn't affect your IVA although it may mean that your creditors receive a slightly increased return.
