Because these transactions can involve substantial sums, getting it right is crucial. Getting it wrong on VAT, whether through an error, an oversight or failing to seek expert advice, can prove very costly.
For individuals or businesses operating in the land or property sectors, building the VAT consequences of the transaction into project pre-planning is a key step towards maximising VAT efficiency, particularly as it can be difficult to take corrective action at a later stage.
Milsted Langdon inBath,Bristol,Tauntonand Yeovil is able to provide comprehensive VAT consultancy services on all aspects of land and property for property professionals and construction consultants, including:
- new build and development
- conversions and refurbishments
- land and property sales and supplies
- the VAT option to tax
- supplies between landlords and tenants
- the VAT capital goods scheme.
We’ll advise on the correct VAT treatment or treatments involved and ensure that any opportunities to mitigate tax liabilities are identified. For more information, please contact us.