Content
After U, Gordon?
Ups And Downs
Gift Horse
What A Relief!
Second Thoughts?
Last One Out...
Penalty Shoot-Out
Ain't Necessarily So
Going, Going, Gone
Papers In Order?
Death And Taxes
Passing The Buck
Hire Higher
Back Taxes, Taxes Back
Options Open
Extortion?
Sick Note
Cats And Dogs
Old-Fashioned Money
I Thee Endow?
Mother's Rights
Countdown
Nowhere To Hide
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The "option to tax" is one of the more complicated areas of VAT law. Anyone who owns property - particularly landlords and developers - needs to know how it affects them. If you supply land and buildings you may be exempt from VAT - no output tax to charge but no input tax to claim - but you could "opt to tax" your supplies in order to recover VAT on your costs. HM Revenue & Customs have rewritten the option rules with effect from 1 June 2008. The main idea is to make the law more understandable - it has been pieced together and patched up several times over the years, and it needed a makeover. However, there are several important changes which could make a difference to how property businesses use the option. If you are in the property business, we will be happy to explain the changes to you. If you are a business that uses property, so you only occasionally have transactions in land, it's particularly important to think about VAT when you do - again, we can help. |
© Bayar Hughes & Co., 2010.