|
IntegraFin Holdings PLC on Tuesday said HM Revenue & Customs will uphold its original decision to terminate subsidiary Integrated Application Development Pty Ltd's membership of a UK VAT group.
The London-based investment platform warned that exclusion of IAD from the group means that any services provided by the subsidiary will be subject to reverse charge value-added tax.
HMRC first imposed its decision in January 2020, terminating the membership of IAD with effect from July 16, 2016.
IntegraFin now faces a VAT bill of £7.9 million for the period from July 2016 to September 30, 2021. For the financial year ending September 30, there is a potential VAT charge of £1.9 million, and then an ongoing VAT charge per annum.
IntegraFin said it contests the findings of HMRC and is looking to require a review by an HMRC officer that has not been involved with the matter.
Shares in IntegraFin were down 0.1% at 244.80 pence on Tuesday in London.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
