The Essential Handbook for Legal Finance Professionals
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As its name implies, Value Added Tax, or VAT as it is more commonly known, is a tax on the value a business adds to a particular product or service. Every law firm - if registered for VAT - will need to account for VAT, as providing a legal service constitutes a ‘taxable supply’. Law firms are therefore brought into the scope of the regulations imposed by HMRC.
Some of the key issues that law firms face regarding VAT compliance, which are discussed in this guide, include:
- the different rates of VAT and when to account for it
- the valid requirements of VAT invoices with reference to third-party payers
- the correct VAT treatment of disbursements and recharges
- the place of supply rules and how they apply to overseas clients, post-Brexit
Knowledge and understanding of VAT are integral parts of running a legal practice. This guide will provide information and practical advice to help navigate the many challenges that legal advisers and accounting staff face regarding VAT compliance in law firms.