When businesses opt to tax a property there’s often confusion as to what exactly is covered by the option and how far it extends. As it’s important to get this right, what’s the position in reality?
Published 30.03.2015
It’s not unusual for a business to purchase a building, opt to tax it and then decide that this was the wrong thing to do. Once you’ve opted to tax can you subsequently get out of it?
Published 23.12.2014
If you opt to tax a commercial property, in most cases you have to wait for at least 20 years before you can revoke it. But how do you do so and are there any potential pitfalls?
Published 02.02.2016
You want to buy a commercial property and have been advised by the seller that they opted to tax the building with HMRC, so must charge you VAT on the proceeds. But under what circumstances could you
buy the property without being charged VAT?
Published 04.10.2022
One of our subscribers is about to buy the freehold of a new office for £250,000 plus VAT. They will trade from the commercial property and not rent it out or sublet it to tenants. What deceptively
simple tips can save them money?
Published 02.04.2021
Opting to tax a property can have far reaching results so you need to be sure that you choose the right method in order to get the best results. So what are the pitfalls and the alternatives?
Published 06.02.2013
A subscriber is an advertising business and recently purchased the freehold of new offices. It has reclaimed input tax on the purchase and opted to tax the building but now wonder if this was
necessary. Is there a potential solution?
Published 03.01.2023
HMRC has confirmed that it will no longer issue letters to confirm it has received an election when you opt to tax land and buildings. How can you ensure you receive proof of the option?
Published 02.02.2023
If you own commercial property and want to claim the VAT back, you’ll need to “opt to tax” it. But what does this really mean? How should you go about it and what does it cover?
Published 04.04.2012
One of our subscribers rents a commercial premises and has the chance to buy it. The seller wants to charge VAT on the sale, which our subscriber wants to avoid, even though he could claim input tax.
Is this outcome possible?
Published 03.02.2020