font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by vince666
The VAT would have been charged by Tenon for their work as nominee and supervisor. They would have raised invoices for this which would have been paid by funds held from your monthly IVA contributions. If the Tenon invoice was for say £100 + VAT, they would have taken £120 from your IVA funds and in effect kept £100 for themselves and paid the other £20 to HMRC.
Vince - BUT because in my case there has never been any contributions (aka distributions) reclaiming VAT will be simple because there are no Creditor/VAT issues to worry about.
There might have been to distribution to creditors, but fees will have been taken. Nominees fees rank first, then ongoing supervisory fees ..... then creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I think that Overzeal is getting confused between the VAT on the IPs fees and the distributions to creditors. It is the VAT on the IPs fees which is the subject of the reclaim to HMRC. Not sure why your IP has not affected any distributions so far into the IVA, but I am sure that they will have drawn fees at some point.
To get back to Paul - the trade associations R3 and the DRF and our regulatory bodies are all working hard to seek clarity on this point. It will not be found in the near future I fear - but having spent the afternoon with my own specialist solicitors on this very subject this afternoon - at my own personal expense - I am happy to say that we will definately be continuing to close IVAs in the Giles camp.
Nice one Melanie, hopefully this one will be put to rest at some point, albeit when you owe monies to HMRC they want it now, but when the boot on the other foot, well!!!! Keep up the good work though this forum is all the richer for having people such as yourself, Andy, Kallis and all the other forum experts who give out support and advice.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
Thank you for those kind words orchid - I hope you are well.
I think this one will be like the PPI stuff - it's going to run and run at the moment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
I think that Overzeal is getting confused between the VAT on the IPs fees and the distributions to creditors. It is the VAT on the IPs fees which is the subject of the reclaim to HMRC. Not sure why your IP has not affected any distributions so far into the IVA, but I am sure that they will have drawn fees at some point.
The point I was making is that because in my case there have been no distributions to Creditors the only thing that needs to be done is to reclaim the VAT from HMRC.
(BUT I now realise that there is no Creditor/VAT issue at all and anyway this is NOT the issue !)
The issue is HMRC have made NO decision at all on the VAT question - the only thing that has happened is a load of Institutions have given their (non legal binding) opinion and have left it to the IPs to decide.
Cases could be left in limbo for years !
I'm going to ask RSM Tenon to make a distribution.
I know that Mel has posted on here that some companies are already receiving their VAT refunds so hopefully it won't take much longer.
The only thing that does worry me is, like my department HMRC have lost a lot of staff and of course it's the time of year for tax returns so not the best time to be waiting for anything from them.
