VAT on Land & Property - 6 Modules to Getting It Right

Introduction

VAT in the land and property sector is particularly complex and given the value of most projects, errors can be extremely costly.

This 6-part modular webinar series will cover all aspects ranging from construction of commercial and residential property, conversions, the VAT Option to Tax, through to the VAT Capital Goods Scheme and will provide a good grounding on all the points covered.

The webinar series is intended for accountants in any business, responsible for the correct operation of VAT on land and property transactions and their advisors.

What You Will Learn

This modular webinar series will cover the following:

Module 1 - Construction

• A brief reminder of the fundamentals of VAT and the meaning of supply and consideration
• How to determine the correct rate of VAT to charge
• A reminder of the impact of partial exemption and non business income
• Construction
• The zero rates available for services in the course of construction of a new dwelling, Relevant Residential Purpose (RRP) and Relevant Charitable Purpose (RCP) buildings and the detail of what all this means
• Certification requirements and penalties for incorrect use
• What often goes wrong, including- over 5% business use of a non business building

Module 2 - The 5% rate for conversions and other works, and the domestic reverse charge

• Tax points in the construction industry
• International matters
• Change of intention or change of use - VAT impact (payback and claw back)
• Standard rated construction services- VAT recovery and the ‘self-supply’ rules
• Conversions
• Conversions from non-residential to dwellings, RRP and RCP buildings for housing associations
• The 5% rate for conversions and other works
• The domestic Reverse Charge for certain construction and conversion works-overview

Module 3 - Supplies of Land & Property

• Supplies of land and property
• (Concentrating on Group 1, Schedule 9 VATA 1994, and the notes thereto)
• What all the terms mean
• Grants and licences
• What is standard rated in its own right
• Zero rated supplies certification and what goes wrong
• The ‘Golden Brick’ and continuing the ’person constructing’ status

Module 4 - Options to Tax

• The VAT Option to tax
• All the rules for correct application - what it covers, types and time limits
• Permission and automatic options
• ‘Disapplications’ and anti-avoidance legislation main points

Module 5 - Other Supplies & Transfers of Going Concerns

• Other supplies between landlords and tenants e.g. inducements, dilapidations and reverse surrenders
• Transfers of Going Concerns containing property, and property rental businesses

Module 6 - Partial Exemption & The VAT Capital Goods Scheme

• This module will explore partial exemption and the VAT Capital Goods scheme

This webinar was recorded on 23rd August 2022