VAT Disbursement.
Wyn
Registered Posts: 7 Regular contributor ⭐
I wonder if someone could clarify something for me?
A client is switching banks and applying for a loan.
The new bank wants a valuation on clients properties.
A valuer is appointed and charges £2000+vat. The bank is invoiced and pays.
The client is then charged with the £2500 from the bank.
I am seeking to recover the vat element but the bank says I cannot as they have claim to it. They will not issue an invoice or disbursement notice other than the copy invoice from the valuer which they have claimed from HM
How do I recover the VAT? and/or convince the bank they are wrong(if they are!)
Thanks
A client is switching banks and applying for a loan.
The new bank wants a valuation on clients properties.
A valuer is appointed and charges £2000+vat. The bank is invoiced and pays.
The client is then charged with the £2500 from the bank.
I am seeking to recover the vat element but the bank says I cannot as they have claim to it. They will not issue an invoice or disbursement notice other than the copy invoice from the valuer which they have claimed from HM
How do I recover the VAT? and/or convince the bank they are wrong(if they are!)
Thanks
0
Comments
-
You cannot recover the vat as the invoice isn't yours.
I have always been informed that this is due to vat rules for banks, they don't charge vat on bank charges but they do charge vat on audit letters.
I'm afraid that it is a case of losing the vat on this one.
Thanks0 -
Agreed. The only way this can be avoided is if the bank allow the client to pay the fees direct to the valuation company. Sometimes they will. However, it is also worth noting that if the properties are residential properties then the VAT can't be reclaimed anyway.0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 319 NEW! Qualifications 2022
- 157 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 92 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 274 Tax
- 136 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership