Latest from the courts In this First-Tier Tribunal (FTT) case the issue was whether serviced apartments qualify for exemption. Background Realreed owns a property called Chelsea Cloisters in Sloane Avenue, London. The property comprises; 656 self-contained apartments and some commercial units. 421 of these apartments are let on long leases (no VAT issues arise from... Continue reading »| Marcus Ward Consultancy Ltd
VAT Tax Point Planning If a business cannot avoid paying VAT to the HMRC, the next best thing is to defer payment as long as legitimately possible. There are a number of ways this may be done, dependent upon a business’ circumstances, but the following general points are worth considering for any VAT registered entity.... Continue reading »| Marcus Ward Consultancy Ltd
The CGS If a business acquires or creates a capital asset it may be required to adjust the amount of VAT it reclaims. This mechanism is called the CGS and it requires a business to spread the initial input tax claimed over a number of years. If a business’ taxable use of the asset increases... Continue reading »| Marcus Ward Consultancy Ltd
Opting To Tax commercial property Opting to tax provides a unique situation in the VAT world. It is the only example of where a supplier can choose to add VAT to a supply….. or not. What is an option to tax? The sale or letting of a property is, in most cases, exempt (VAT free)... Continue reading »| Marcus Ward Consultancy Ltd
If you build your own home, there is a scheme available which permits you to recover certain VAT incurred on the construction. This puts a person who constructs their own home on equal footing with commercial housebuilders. There is no need to be VAT registered in order to make the claim. As always with VAT,... Continue reading »| Marcus Ward Consultancy Ltd