- Opting to tax land and buildings allows businesses to recover input VAT incurred in making taxable supplies
- Commercial properties less than three years old are automatically standard rated for VAT purposes
- Opting to tax can make properties less attractive to customers who cannot recover VAT, such as charities or medical service providers
- Businesses can opt to tax before acquiring a property, after acquiring a property, or at any time during occupancy
- A record of the decision to opt to tax must be kept and HMRC must be notified within 30 days via a VAT1614A form
- Belated notifications are accepted under certain circumstances and permission may be required from HMRC in some cases
Source: haysmacintyre.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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