HMRC have announced temporary changes to to the time limit and rules for notifying an option to tax for VAT on land and buildings.
Current Time Limit
Normally, HMRC will need to be notified of an option to tax within 30 days of opting to tax the property. This can be done by either:
- printing and sending the signed notification to HMRC
- emailing a copy of the signed notification to HMRC
The notification need to be signed by a relevant person in the business.
Temporary Change to Time Limit
Where a decision is made to opt to tax a property between
15 February 2020 and 30 June 2020, the time limit to notify HMRC is
90 days.
For an overview of the tax implications of opting to tax a property, please see the following
article.
If you require advice or assistance with opting to tax land/buildings, or property tax in general, please
contact a member of
our team.
Related Articles
https://www.stratostax.co.uk/insights/vat-when-do-i-need-to-register/
https://www.stratostax.co.uk/insights/there-is-always-the-option-opting-to-tax-land-and-buildings/
https://www.stratostax.co.uk/insights/new-cgt-returns-required-from-6-april-2020/
https://www.stratostax.co.uk/insights/letter-from-hmrc-reporting-rental-income/
