For owners of commercial property, recent changes to HMRC rules could affect your VAT option to tax. B P Collins’ property team advises.
However, from 1 February 2023, HMRC will not provide an acknowledgement of an option to tax nor confirm if there is a record of an option to tax. The commercial property owner must now keep up-to-date records and know whether they have an option to tax, with supporting evidence.
Source: www.bpcollins.co.uk
Latest Posts in "United Kingdom"
- Boehringer Ingelheim Ltd – Upper Tribunal Rules Against Taxpayer on Price Control Payments Reducing VATable Consideration
- Colchester Institute Corporation (No. 2) – Court of Appeal Upholds Taxpayer Win on Grant Income as Consideration for Education
- HMRC Updates VAT Guidance for Charities, Adds New Relief for Donated Goods from April 2026
- HMRC Issues New Guidance on Option to Tax Property When Cancelling VAT Registration
- Isle of Man Raises Late Payment Interest Rate on VAT to Align with UK from May 2026
