Tax Services in the UK

Insurance Premium Tax compliance

For an insurer underwriting various classes of insurance across the European Economic Area (EEA) on a freedom of services basis, addressing local premium tax obligations can be a significant logistical challenge. Declaring taxes through branch offices, local accountants or a mixture of both can be a difficult process to manage.

Expertise in a niche area of indirect taxation, where regulations and rates vary enormously between EU member states, can be both costly and hard to come by.

Our IPT team based in the UK coordinates our network of specialist tax professionals to manage the insurance tax needs of insurers from around the world.  We provide you with a single point of contact to manage our local experts who address the regulatory hoops and hurdles associated with premium tax compliance.

Our local teams not only file the relevant tax returns but can also assist with the different premium reporting requirements. Streamlining the various complexities into a straightforward monthly process eases the administrative workload for an insurer, with the added peace of mind that comes from knowing that your premium tax filings are in safe hands.

IPT Quote: Insurance tax database and calculator

Ascertaining accurate tax rate information and the associated calculation of the tax liabilities due on global programmes is a significant challenge for brokers and insurers alike. To deal with this challenge we offer IPT Quote, a market-leading online insurance tax database and calculator. Designed in close collaboration with the insurance industry, IPT Quote provides a one-stop shop for our clients’ insurance tax calculation needs. Find out more about IPT Quote.

International VAT submissions

Operating through TMF Group’s 100+ global offices, we are the largest independent provider of VAT compliance and recovery services, and can help keep you compliant with all the local requirements.

When it comes to VAT across the EU and beyond, the reporting requirements can be a burden. Each country has its own specific rules for companies looking to register for a local VAT number, made all the more challenging by language and administrative barriers.

Once registered, companies are required to submit periodic VAT returns and make regular VAT payments. Each country has highly detailed requirements, enforced with penalties and interest charges for infringement. These requirements are subject to constant changes, making it difficult for businesses to follow.

Some businesses operating across borders may incur foreign VAT which they cannot reclaim through their domestic VAT returns.

Companies across Europe can find themselves in a position where they are working with a number of service providers in order to cover different jurisdictions and requirements. This can be complicated when different contact personnel are involved and businesses have to satisfy different contractual requirements.

Helping your business to be VAT compliant

Local TMF Group experts are in regular, direct contact with the local tax authorities to keep on top of changes as they happen. This means we can provide you with the best practical solutions to local issues and help your business stay on top of VAT compliance while removing anxieties over potential delays or penalties resulting from your VAT returns.

We can help your business to secure a foreign VAT registration. This means your VAT number application will progress efficiently in the hands of experts.

Making international VAT simple to manage for your business

If your business holds, or needs to have, a number of VAT registrations across the EU, TMF Group can provide a single-point-of-contact service. This means that all your EU VAT compliance needs can be taken care of by dealing with your dedicated point of contact, who will work with local TMF Group offices to help your business stay compliant at all times and help understand varied approaches to issues concerning, for example, importation, reverse charge and VAT administration across the EU and beyond.

UK VAT services

As part of our wider accounting, tax and SPV services, we also provide VAT registration and reporting services to our clients with regard to UK requirements. Services are delivered to match your specific needs, by specialists experienced in the relevant area.

Our VAT services team regularly shares information on VAT changes and updates across the EU through our eAlerts. To subscribe to our eAlerts sign up here.

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Get in touch to find out how our experts can help grow your business. If you need any more information, or simply wish to ask a question, feel free to get in touch.

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