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land and property vat consultants

Land and Property VAT - Specialist Consultants for VAT on Land & Property

electron vat
Unfortunately, due to the sudden death of the Sole Proprietor this business will no longer continue. If you have any queries or outstanding issues please contact David Booth at his email address boothy55@yahoo.co.uk.

Including construction services, this area of VAT is the most complex. It is where most high value errors and assessments occur. Consequently, any business within this sector can expect to be scrutinised by HMRC on a regular basis because of its perceived high risk to them.

The most important point to bear in mind is that this area of VAT is so extensive that HMRC, and its officers, often get it wrong. I would advise that any VAT assessment in these sectors is reviewed, regardless of the value, because it may also affect how a business treats these matters in future. Electron VAT Consultancy can provide this service at an affordable cost.

The liability of supplies in this area can be standard-rated (20%), reduced-rated (5%), zero-rated (0%), exempt from VAT and outside the scope of VAT. Also, it is not unknown for these supplies to have a mixed liability. It is vital to take advice in advance of any development. Affordable advice from Electron VAT Consultancy can prevent more expense rectifying VAT problems “after the event”.

A business can affect the liability of the supplies involving commercial properties by making an election to waive exemption, often known as an “option to tax”. However, poor VAT planning can result in an “option to tax” being subject to “disapplication” because of anti-avoidance legislation.

Supplies involving listed buildings, charities and to disabled people can also affect the VAT liability.

The VAT that can be claimed back on the purchases and expenses that a business incurs is also subject to complexity, mainly due to partial exemption legislation. There is also “blocking” legislation on purchases that HMRC do not consider to be classed as building materials.

Remember VAT is a self-assessing tax and it is the responsibility of the business to get it right. The above shows the need for expert advice from a VAT consultant. I have a proven record of assisting businesses in construction and land & property sectors with these matters.

Call us today on 01204 437443 or contact us online to arrange a consultation.