HMRC have updated their guidance Tell HMRC about an option to tax on property as part of cancelling your VAT registration.
“How to tell HMRC about an option to tax on land and buildings as part of cancelling your VAT registration.”
HMRC have updated the wording to confirm that VAT will become chargeable, rather than may become chargeable, in specified circumstances where an opted property is retained following VAT deregistration.
Related content from Claritax Books
Value Added Tax, written by Ciaran McGee MA (Oxon), FCA, CTA, is an extensive volume (over 1,000 pages), written primarily for non-VAT specialist accountants and tax advisers.
