VAT Blog
Latest news, thoughts and articles from the world of VAT.
BRAND NEW: e-book about VAT for residential property developers now available!
How to save VAT, maximize profits and manage the VAT process on residential property development For new and experienced developers, contractors and professional advisers The ebook is all about the practical side of VAT and residential property development for...
Building materials: 5 important issues for developers and contractors
I'm currently working on the final draft of my new book for residential property developers and contractors. It includes a FAQ chapter which is primarily devoted to "building materials"; from identifying whether goods fall into the category and when developers can...
Customers to pay VAT on construction services?
One of the most recent announcements from HMRC has been a consultation about SIGNIFICANT changes to the CIS and VAT rules for contractors. The primary aim is to reduce income tax, PAYE and VAT avoidance in the construction industry. And one of them includes the...
VAT FOR DIY RESIDENTIAL PROPERTY DEVELOPERS
New e-book now available VAT for DIY residential property developers How to save VAT on self-builds, conversions and renovations If you're planning your own DIY property developments for personal or family use, then you need my new e-book. It explains when you can...
2017 Budget and new VAT Flat Rate Scheme rules
As usual, the 2017 Budget didn't contain much about VAT, although it did include some small but significant changes designed to counter avoidance in specific business sectors. I'm sure you've all had lots of information from your accountants and other tax advisers....
Dealing with VAT clauses in contracts
Whether you're buying a car, selling your restaurant or signing a property lease, you have to sign a contract. As a VAT consultant, I'm often asked to review contracts and VAT clauses, so over the years I've spent a lot of time reading contracts to see whether the...
Buying opted properties VAT free and the importance of the correct procedures
I've recently been advising a couple of clients about VAT and property transactions that should end up with no VAT cost (or minimal VAT cost) to the developer or HMRC. One of my clients, who owns a very successful residential property business, was asking about the...
Three ways to save VAT on DIY property developments
How to save VAT on DIY residential property development Doing any type of property development is expensive. The usual rule of thumb seems to be that it will always cost you at least double your initial estimate. And you should then add VAT at 20% to the whole...
2017 and living in interesting times
This time last year, I wrote a blog about what I'd learned in the previous year. It was a very useful exercise from both a personal and business point of view and writing the blog helped me to come into 2016 feeling much more focused than in previous years. This...
VAT and building materials: vanity units, electric gates and all that stuff…
Whether you're a building contractor, commercial property developer or you're doing any sort of DIY/self-build project, the subject of VAT and building materials is one of the most frustrating and difficult. Why is this? Well it's all to do with the VAT cost. If the...
Inter-company and intra-company transactions and VAT
We're getting towards the end of the calendar year and I'm already getting queries about VAT on year end management charges, so I thought it was a good time to revisit a very common subject area. Inter-company and intra-company transactions and VAT are one of the...
Pre-registration fixed assets VAT allowed in full
Pre-registration fixed assets VAT allowed in full: HMRC has issued R&C Brief 16/2016 http://tinyurl.com/h77xnw5 to clarify the position about VAT on fixed assets purchased before the date of registration. Over-zealous VAT officers... It seems that in recent years,...
VAT, cost sharing and disbursements and when to charge VAT
VAT, cost sharing and disbursements and when to charge VAT: One of the most common areas of confusion when sharing costs between associated businesses is whether or not you have to charge VAT. Typical examples would be when one group company contracts with third party...
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Property developers, VAT and COVID 19: READ THIS
Property developers, VAT and COVID 19 As if there’s not enough to think about at the moment, property developers need to be extra careful with short term lets of new or newly converted domestic properties. Or they could end up with unexpected VAT bills. The property...
Renovations: the difference between the 2 year and the 10 year unoccupied rules….
Spring must be in the air because I'm receiving lots of queries about renovations and conversions. Or maybe it's the effect of Brexit? Either way things seem busier in the property world at the moment. 2 year and the 10 year unoccupied rules One of the issues that...
Brexit, MOSS and the end of an era
So it's happening. The UK is formally due to leave the EU at 11pm this Friday, January 31, 2020. This is a key event for the UK, particularly business owners who have to deal with the practical implications of Brexit. HMRC guidance HMRC has issued a LOT of guidance...