Legal Financial Controllers

VAT choices for property can lock you in for 20 years and impact your finances in unexpected ways. Got linked buildings or extensions? Read on to find out why this matters.

VAT – opting to tax property | Legal Financial Controllers The option to tax is a VAT election that allows businesses to treat supplies of most non-residential land and buildings as taxable rather than VAT exempt. Once an option to tax is made, supplies in relation to that property are generally subject to VAT at the standard rate.