- Property VAT can be standard rated, reduced rated, zero rated, or exempt
- Opting to tax means all supplies are standard rated and VAT is recoverable
- Recent changes mean HMRC no longer acknowledges option to tax unless notified
- Evidence of option to tax includes automated email reply and submitted form
- Correct information on the form is crucial to avoid invalidation by HMRC
- Common misconceptions about opting to tax exist despite its common occurrence
Source: crowe.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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