By Tim Buss
This can be a vital file for the non VAT expert interested in estate transactions both as an investor, occupier or specialist advisor.
This document is principally helpful in that it: deals a transparent and entire assessment of a posh topic; comprises key making plans issues, advice and methods; exhibits you the place the traps and pitfalls lie and the way to prevent them; offers suggestions on VAT legal responsibility and accounting; written via a VAT specialist and former VAT Inspector.
This document is written at a time of serious uncertainty within the VAT and estate international. on the time of writing very important judgements of the eu court docket of Justice are awaited, rather the Halifax case (see bankruptcy 9). This file offers with the complexities of united kingdom and ecu laws, and gives a useful evaluation of the results of business estate transactions. Residential estate transactions are lined the place they relate to conversions to residential from nonresidential property.
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Extra info for VAT Liability and the Implications of Commercial Property Transactions
Problems with notifications/acknowledgements When an opted property is sold, solicitors normally ask for a sight of the vendor’s option notification and acknowledgement from Customs. Particularly in the early days of the option to tax regime insufficient attention was paid to notification, acknowledgement and recording of options by both Customs and businesses. It is fairly common that the vendor has nothing in writing from Customs and, sometimes, neither Customs nor the vendor can trace the notification.
The effective date of the option. In addition, the notification should state whether or not any previous exempt supplies have been made. If so, permission to opt from Customs may be required. Option to tax – national unit Until 2003 options had to be notified to the local VAT office. In 2003, Customs opened a national unit in Glasgow. The address of the national unit is: Option to Tax National Unit, HM Customs & Excise, Portcullis House, 21 India Street, Glasgow, G2 4PZ. This office now deals with all options to tax.
The only method which can be used without the approval of Customs is what is known as the standard method. The standard method calculates recoverable VAT in the ratio of the value of taxable supplies to the value of all supplies of the business concerned. Residual input tax x Value of taxable supplies Value of total supplies The fraction should be expressed as a percentage and rounded up to the next whole number. 1%, 60% of the residual input tax is recoverable. The calculation must be made for each VAT accounting period.
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