Also in the news...
UK-Norway Iceland Liechtenstein free trade agreement
Business guidance, reports and other documents to help you understand the UK-Norway, Iceland, and Liechtenstein free trade agreement (FTA).
Essential Steps Before Launching an International Auction Business
Expanding a business internationally presents unique challenges, particularly when that business involves auctions. The global auction market continues to grow as more entrepreneurs see its potential for reaching new customers across borders. However, success in this specialised field requires careful planning and the right technological foundation.
Innovative Welsh exporter puts Britain at the forefront of global immunisation efforts
UK Export Finance supports renewable energy tech company Dulas to deliver life-saving vaccine refrigerators to over 80 countries worldwide.
British aerospace manufacturers to benefit from UK-US trade deal
British aerospace manufacturers to benefit from UK-US trade deal as further details announced
PM secures new agreement with EU to benefit British people
UK secures new agreement with the European Union to support British businesses, back British jobs, and put more money in people’s pockets.
Defined Benefit Pensions: VAT recovery changes
HMRC has announced changes to the VAT recovery position of employers who pay Value Added Tax (VAT) on services relating to the administration and management of a defined benefit pension plan.
This represents a major change for the UK VAT treatment of pension fund managers’ costs.
In certain circumstances, employers can recover the costs associated with the setting up and day-to-day management of the pension fund; however the opportunity does not extend to include the recovery of VAT on ‘investment activity costs’.
The prospective changes are likely to represent an additional cost to employers in running their pension funds, as well as an opportunity for employers to consider their current pension arrangements - particularly as most UK pensions operate under a trust.
Of course, the majority of UK pension plans are 'defined contribution' arrangements (rather than 'defined benefit'), so this change is only likely to affect larger employers with historic plans.