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Intermediaries and VAT

I own 2 companies, an IFA practice ( VAT exempt) and a pension misselling firm. The misselling firm gets new clients to review and claim against the bad advice, they do not charge the clients any fee. The misselling firm refers the client to the ifa firm for financial advice and if the clients take the advice the ifa firm pays a fee to the misselling firm for the introduction, these fees are over 70k pa. As I own both firms I can orchestrate the firms to do whatever paperwork or contracts etc needed. I am aware that hmrc likes the – party to the contract or This is off the hmrc site “In addition to bringing together someone seeking and someone providing financial services, note (5) further defines the words “intermediary services”. In the case of financial services falling within item 1, 2, 3 or 4, an intermediary must perform work preparatory to the conclusion of contracts for the provision of financial services. This could include helping a client to fill in an application form, checking and then forwarding them to the provider of the financial services.” I need an UK expert to advice: I want to ensure that the ifa firm doesn’t need to pay VAT on top of the fees that go to the misselling firm.

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