VAT

Under certain circumstances, an option to tax is disapplied if the person occupying the relevant property does not intend to use it predominantly for taxable purposes.

Where dwellings are to be built on bare land, it is common practice for completion to take place once a meaningful start has been made on the construction.

The VAT extra statutory concession 3.29, which allows charities to ignore small amounts of non-qualifying use (up to 10 per cent) when deciding whether the construction of a new building qualifies for zero-rating, is being phased out.

HM Revenue and Customs (HMRC) has announced that, as from 8 July, there has been a change to the bank account details for paying VAT.

Businesses are unhappy over government plans to stick to its original timetable on the return to the old standard rate of VAT.

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