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When you appoint Harris Balcombe you get access to directly employed professionals, including:
- Chartered Loss Adjusters
- Chartered Surveyors
- Chartered Accountants
We make complex claims easier…
Date: February 2011
The Issue
On 4th January the VAT rate increases from 17.5% to 20%. Some insurers, in an effort to close their files, will release funds in full in the run up to the year end. In some instances, particularly where building repairs have been procured under a building contract, funds may not be released until some time after completion. Payments that fall due in 2011 will attract a 20% VAT rate.
Our Advice
When agreeing building claims that pre-date the release of funds it is essential that the correct VAT rate is applied to payments made after 2010 year end. This will ensure that your clients have sufficient funds to meet their financial commitments when payments fall due. Remember though that this advice only applies to claims where VAT is applicable.