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Who Should Read This?
Anyone who is proposing to enter
into a property transaction.
Why?
With any property development, VAT is a complex issue
that, if not dealt with correctly and efficiently,
can result in a real monetary loss.
CAN YOU
REALLY AFFORD TO LOSE 17.5% VAT (plus interest and
penalties) on your property development?
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Important |
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Lease
Surrenders and Inducements
Businesses and Landlords
who may be considering the payment or
receipt of monies to enter into or assign
a lease to a third party need to carefully
review the VAT position following recent
European Court of Justice decisions, which
could ‘alter’ such a supply from being
thought to be exempt to being taxable,
resulting in a potential significant VAT
pitfall for all concerned.
The circumstances of all
such transactions can vary and
professional advice should therefore be
sought if you or your clients are
considering such an arrangement.
For more information,
click here. |
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Did You Know? |
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You could lose VAT if you purchase a building for more than
£250K plus VAT and change it's use
(including selling it) within 10 years? |
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You could end up paying VAT back if you purchase a building
as part of a business and don’t ask the
vendor about its previous use / VAT
recovery? |
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If you make sales that do not attract VAT, you could suffer a
VAT loss if you purchase or sell a
property? |
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Consider the VAT consequences of your proposed
property transaction prior to
completion to ensure that you do
not suffer an unnecessary VAT
loss. This is important given that
the value of such deals is usually
a significant amount for any
business. However, if you are unsure whether or not your particular
deal has a VAT problem, help is at
hand.
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Conversion & Renovation changes |
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Effective 12th May 2001
The Government has reduced the VAT rate on renovating
dwellings which have been empty
for 3 years & most
residential conversions are now at
the reduced rate of 5%. Renovations to a dwelling, which has been empty for at
least 10 years, are now zero
– rated.
The legislation is difficult to follow but we
have prepared a flow chart, for
easy reference to see what VAT
rate your conversion will fall
into. Contact
us for a free copy & to discuss any queries
further.
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Our Services |
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Free Helpline facility
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Assessment & Penalty
Reviews (an initial opinion being free of charge)
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VAT & Customs Duty transaction planning
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Partial Exemption reviews
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Compliance reviews
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European & International advice
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Land & Property transaction advice
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Company mergers, acquisitions &
restructuring
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Staff training & seminars
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Representing
businesses under Investigation by HM Customs & Excise
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» The next
step |
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Got a VAT problem?
Barnard
Atkins can help. Contact us NOW:
Tel: 0870 420 8971
Fax: 0161 477 8300
e-mail: enquiries@bavat.co.uk
or click here.
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