Commentary

V7.386 Registering for VAT following an option

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.386 Registering for VAT following an option

Part V7 Tax planning | Commentary

V7.386 Registering for VAT following an option

A previously unregistered business will need to become VAT registered as a result of opting to tax land or property. This need to register may be on a compulsory basis (ie value of taxable supplies exceeding registration limits) or on a voluntary basis because the business wishes to benefit from input tax recovery on its costs.

The business may need to support the application with other evidence concerning the land or property in question – correspondence, plans, minutes of meetings confirming intentions etc.

Forgetting to tell HMRC about an option

As explained earlier, there are

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