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    Value added tax - Land and buildings - Land and existing buildings - Freehold and leasehold disposals - The option to tax - 84755

    When a taxpayer exercises its option to tax, certain supplies which would normally be exempt will become standard-rated. Exercising the option to tax allows for the recovery of input tax incurred...

    Value added tax - Land and buildings - Land and existing buildings - Freehold and leasehold disposals - The option to tax - Revocation - Cooling off period - 84790

    An option to tax can be revoked, using form VAT 1614, from the date on which it had effect, provided that: - written consent is obtained from HMRC within 6 months of that date; - no use has been...

    The pros and cons of charging VAT on buildings

    You’re buying new premises for your business. VAT is payable on the price, but you’ll only have to fund this until you reclaim it on your next VAT return. However, why do you need to think...

    Dodging the property VAT trap

    If you’re relocating your business, there’s a great deal of red tape and expense to cope with, particularly if you’re going to sell your current premises. Worse still, if you’re not careful...

    Important date for property owners

    If you’re buying or selling property in this depressed market, there’s an important change around the corner which could save buyers both VAT and Stamp Duty. And if you’re selling, it could...

    Property transfers

    You’re interested in buying a commercial property which has existing tenants. As well as the purchase price, you’ve been advised by the vendor that you’ll have to fund the VAT on the deal...

    Register then promptly de-register

    You personally own a commercial property and are considering refurbishing it. However, you are not registered for VAT, so you can’t get the VAT back on those costs. Is now the time to register...

    Late election result

    You have a building that you rent out. To attract more generous tenants to it, you carried out some refurbishment work about twelve months ago. Is there any way you can now recover the VAT on...

    Turning an office into a home

    You’ve thought of moving and someone’s made an offer to buy your office building. They want to convert it back to residential use and then sell it on. What, if any, are the VAT implications...

    Selling a property without VAT

    You’ve received an offer on your building. But the buyer doesn’t want to pay VAT on the sale. You paid VAT when you bought it, so does this mean you have to charge VAT now - and lose the...