VAT Exchange VAT Consultant Home Page › Forums › Not another VAT Newsletter Oct 2017
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- 19th October 2017 at 6:03 pm #3145Marie SteinKeymaster
Hi there
It’s half-term week already, or coming up depending on where you live. I hope you’re enjoying the wonderful autumn weather and that you’re keeping busy.
My paperback VAT for residential property developers and contractors” is now available on Amazon and even snuck into the best-seller list last month! Thanks to all of you who have bought the book and the great feedback over the past few weeks!
VAT and serviced accommodation
I’ve had a lot of queries from property developers and businesses involved with serviced accommodation. The subject covers a lot of complex VAT issues, which I have discussed in my blog: It’s all about serviced accommodation. The main problem areas include making sure that the transactions between the businesses involved are properly arranged, otherwise you may find that you can’t claim VAT on the development costs. Remember you can’t change things once the lease has been signed or you’ve paid the rent or sold a property.
Update: VAT and pension fund management
HMRC has recently announced that it has changed its policy about the VAT liability of pension fund management services. From 1 January, 2018, the management of non-SIF pension funds by insurers is no longer exempt from VAT. See Revenue and Customs Brief 3(2017): http://tinyurl.com/y7bqryv8
Why one letter can add 20% to residential developments
I often come across situations where small details in legislation can make a significant difference to VAT costs,for VAT exempt businesses and the property development sector. For example, the apparently small difference between the singular “building” and the plural “buildings” can mean the difference between 0%, 5% and 20% VAT for new construction, conversions or refurbishments where the dwellings include 2 or more buildings. See my recent blog: One small squiggly letter and property development for more information.
Please don’t hesitation to contact me marie@vatexchange.co.uk if you need help on any VAT issue.
Marie
October, 20170116 254 3049
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