ACCOUNTANCY DAILY – Dec 9 – Gray & Farrar, an upmarket matchmaking business has failed in its bid at a First Tier Tribunal (FTT) to overturn a demand from HMRC for VAT due on the services it provides. Gray & Farrar argued that it should not be charged VAT on its services for the tax years 2012 through 2016. The company runs an exclusive dating service which provides clients with introductions to potential romantic partners, hand-picked for them by an adviser rather than by online dating apps. Clients sign up for a 12-month membership, which gives ~ eight introductions, starting from £15,000 a year. For VAT purposes, Gray & Farrar treated its service as a consultancy, which meant that clients resident outside the EU were not charged UK VAT on its fees. HMRC rejected Gray & Farrar's attempt to adopt a zero VAT status on the services provided and this saw the company appeal at tribunal. The case is a useful reminder for advisory businesses to think carefully about whether their service constitutes "consultancy” when determining the place of supply of their services to overseas clients."
Category: Gray & Farrar
Gray & Farrar – The High-End Offline Matchmaking
THE TIMES – Feb 11 – Gray & Farrar is the high-end matchmaking agency that makes discreet matches for the very wealthy. It has ~2K clients on its books, ranging from executives to global leaders to the offspring of dynastic families. It charges a minimum £15K annual fee for at least eight introductions, rising to £100K for its bespoke service. Last year, the business turned over £3.7M and made a £1.1M profit. Its 15 staff work in a six-storey townhouse in Mayfair, central London.
by Liam Kelly
See full article at The Times
Dating Agencies For The Wealthy Are Booming
STANDARD.CO.UK – Sep 4 – A family-run matchmaking agency based in Mayfair, Gray & Farrar has clients in Brussels, Geneva, Paris, Monaco, New York and Dubai. Their business has quadrupled over the past three years. It now has ~1,750 members, split evenly between the sexes. The clients are “educated, cosmopolitan and accomplished people who meet people all the time but lack access to the right ones, who are genuinely committed to a long-term relationship”. Operating in a similar sphere is Seventy Thirty, whose offices are in Knightsbridge. Seventy Thirty’s membership fees start at £9,5K but climb to £50K. Seventy Thirty has a team of psychologists and relationship experts who matchmake members.
by Rosamund Urwin
See full article at Standard.co.uk
Mark Brooks: Should matchmakers even be in business now? Most people would have predicted their demise with the rise of Internet dating. Quite the opposite has happened. Never before have so many people been open to the idea of spending money to get help. More money = more help! Right? Whats your thoughts?
The Price Of Finding Love
BBC – Feb 23 – "I felt I was paying for a first class-service and that is what I got: privacy, successful introductions, kindness and efficiency." So says "Susan" of the thousands of pounds she spent signing up to The County Register introduction agency. Heather Heber Percy, founder of the County Register, says people's expectations are high. Gray & Farrar, one of the most exclusive agencies, states that "only the most eligible single people are accepted" and acknowledges that "we are certainly not right for everybody". While Karen Mooney, founder of the Sara Eden agency, says: "If people have unrealistic expectations, we don't take them on. It doesn't matter how much money you throw at us, we can't wave a magic wand." Services at the County Register range in price from £2K for 12 months' membership to £10K for 18 months' membership. At some other agencies, £10K is just the starting level.
Online Dating For The Wealthy
FINANCIAL TIMES – June 23 - Gray & Farrar is a matchmaking service for wealthy people in London’s affluent Mayfair. According to Julie Ferman, a Los Angeles matchmaker, such specialised agencies are a US phenomenon now spreading across the world. At one end of the spectrum are websites such as SeekingMillionaire.com or DateaMillionaire.com, where men sign up for $25,000 or $50,000 and women pay nothing. A more traditional matchmaking service, Seventy Thirty, established in 2004, requires that both male and female members have assets worth £1m. It charges yearly fees of £10,000. Dating services aimed at the wealthy are not restricted to heterosexual singles. Patrick Perrine runs myPartner.com, a gay matchmaking service that charges clients between $5,000 and $30,000. Mark Brooks, a consultant to internet dating and matchmaking companies, advises potential daters to do some research before they part with their cash. “It’s easy to start a matchmaking company,” he says. “If you are putting out serious coin, you need serious levels of service.” He suggests that prospective clients find out how many people are on the dating agency’s database, and meet their assigned matchmaker before signing up. “It’s easy to get lulled into paying by the sales pitch,” he says. FULL ARTICLE @ FINANCIAL TIMES
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