VAT and design: rules for conversions

Article Abstract:

Clients preparing to let building contracts should have considered VAT charges at the earliest possible stage, particularly in the light of new regulations which have been added to the VAT system for land and property from Jan 01, 1992. VAT issues should be addressed in connection with design, as the design will have an impact on VAT in some cases, and architects can allow clients to make considerable savings if VAT is considered early enough. Self-supply VAT charges now cover enlargements, reconstructions or extensions of existing buildings, as well as just new construction, and the rules for assessing the cost of the underlying land in a self-supply situation must also be observed.

Finance

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How to win the rating game

Article Abstract:

Charities can obtain a zero rating for Value Added Tax (VAT) on certain building works. New buildings which are not used for the generation of income and new dwellings can be zero rated. Other instances where zero rating is possible include alterations to non-business and listed buildings and the installation of lifts, bathrooms, alarms and ramps in disabled people's housing. VAT repayments may be obtained in retrospect for these works if the case is sound and the application made tactfully.

Usage, Charities

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Taxing times for architects: architects can enhance their services with a knowledge of how much VAT some projects may incur, and how much can be saved or recouped

Article Abstract:

Architects and other professional must have a basic knowledge of VAT issues to determine the amount of tax which is chargeable on a property. In some circumstances VAT can be saved according to the nature and design of the work. The VAT cost can change each time a building is constructed, sold or let, and additional VAT charges can be created.

Construction, Construction industry

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