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Steve's training was obtained at both small and large firms of Chartered Accountants. Qualifying in 1981, he gained substantial experience in the preparation of small business accounts, together with the completely different techniques involved in the audit of major public companies.

Over the years Steve's main interest has come to be in all forms of taxation. He is now one of the firm's tax specialists and deals with our more complex tax planning situations as well as looking after a portfolio of general practice clients.

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« UK or French PAYE | Main
Monday
Oct262009

VAT-Option to Tax

DateMonday, October 26, 2009 at 12:05PM

It is coming up for 20 years since the option to tax for VAT purposes was introduced.The reasoning behind opting to tax was to recover input tax on property expenditure.The corollary was that VAT output tax is charged on the rent and the selling value of the property.

However at the expiry of the 20 year period a taxpayer can inform the HMRC that he wishes to withdraw from the scheme.Rather strangely there is then no VAT chargeable on the withdrawal from the scheme or on a subsequent sale.

There are other considerations that should be considered before deciding to withdraw.

AuthorRichard Hallsworth | CommentPost a Comment |
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