Managing the VAT related to property or land can get complex! A building can be VATable or non-VATable – it’s down to the owner to choose which. Its called ‘Option to Tax’ – so if you rent an office, always check if it's VATable first.
Whether you choose to go the VAT route or the non-VAT route comes down to whether it will be beneficial in the long-run for your business. To work this out, you need to know the history of the building, know how VAT will impact on rent prices etc. and take into account a number of different variables.
If you’re looking to make a decision on this, come and talk to us at FD Works. It’s complicated and we’ll need to have a proper chat to understand every element of your situation.
Give us a call on 01454 300 999, or drop an email to firstname.lastname@example.org