Q: My client is an independent mortgage advisor, who is not VAT registered. Her turnover is above £85,000 and all of her income is either commission, which is paid by UK lenders, and flat fees received from customers seeking a mortgage. In the last 12 months, £75,000 of her turnover was derived from helping people seeking a mortgage. She is finding the right product for them based on their finances and helping with submitting applications. The remaining £14,000 is earned by directing customers to specific lenders, and my client gets a small commission from the provider if they take out a mortgage with them. Does my client have to VAT register?
Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice