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
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