Anyone considering a property transaction should obtain advice on their VAT position, because legislation and practice change frequently and retrospective action is not generally possible.
Can you answer all of the following questions:
- Should you elect to waive the exemption?
- Are you required to do so? Or would it save you money?
- Do you qualify for any of the automatic reliefs on certain transactions, or are you entitled to claim one?
- Should you pay no VAT or only at 5%?
- Are you buying/selling a property or is it actually a business being transferred as a going concern?
- Is a particular issue black and white, or are HM Revenue & Customs likely to take a different view?
- Could a 20% mistake on VAT wipe out your profits?
- In the future, will you be wishing that you had done things differently at the time?
- Has your project, or something similar, already been reviewed by the UK or European Courts in previous cases?
We can help you to work through these issues. We will assist you by ensuring that property transactions are dealt with tax-efficiently, advising on specific transactions, how best to structure deals and on the VAT aspects of the legal documentation. We also help negotiate the apportionment of costs and in obtaining rulings from HM Revenue & Customs where needed.