PROPERTY TRANSACTIONS category
Hi
I am looking at buying a small strip of land, one small outbuilding is currently in situ but will probably be demolished and not replaced.
Currently the seller, who has large parcels of land across the UK, is telling me the land as part of their whole portfollio is liable for VAT. so will be sold as such and therefore increase the cost of my buying it by many tens of thousands of pounds so to be avoided if possible, the final use would be exempt VAT.
I believe this can be opted out of.
A few questions if I may
Would the seller have to have specified this particular area of land to the HMRC when opting in, and therefore have supporting itemised documentation/drawings etc?
If I buy the land and pay VAT could I at that point request to opt out ( post sale)?
If I am able to opt out post sale could I claim back the VAT?
Is the opting out process long and drawn out, if so, what time scale?
If too difficult to answer here, any suggestions on finding a competent VAT specialist, is there a certain qualification I should look for when looking for a company to deal with it, I don't want someone who 'thinks' they know, I need someone who knows
Many thanks
- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch