Insurance industry VAT liability set to increase
Consultant Moore Stephens has warned that under new rules companies could incur increased VAT liabilities and associated costs on certain services bought from outside the UK
The insurance industry could incur increased VAT liabilities and associated costs under new rules, according to consultant Moore Stephens.
The company warned that under changes to the VAT international services rules, which take effect on 1 January 2010, they could incur increased costs on certain services bought in from any country outside the UK.
It also warned that, under the changes, many more non-VAT-registered businesses could find themselves caught in the VAT net.
In a statement, Moore
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