VAT Advice
The VAT Consultancy is ProjectBook’s appointed VAT specialists. They can help you take control of your VAT and Customs Duty affairs, make savings and improve cash flow - whether you are a private individual, run a small business or work for an international corporation.
Considerable savings could be made by property owners working to preserve a period or listed property simply by having an appreciation of applicable VAT rules. It is possible, for example, to get a zero VAT rating for approved alterations. However, for the specialist tradesman, get it wrong and the penalties levied by HM Revenue & Customs can be harsh.
That’s why ProjectBook has appointed specialist advisors The VAT Consultancy to advise on this complex issue. For competitive rates, the company operates both a fast response telephone helpline and the option to send in a question online for ProjectBook users. For listed properties, the applicable VAT rate is mainly determined by whether the proposed works are classified as an ‘alteration’ (which could include extensions) or whether it is classified as ‘maintenance or repair’. It is complicated; with the constant flow of new case law, so planning ahead and getting good advice early will make all the difference to ensuring that your project stays on the right side of the law.
Owners of listed or heritage residential or commercial property should be appraised of the circumstances around when they should and should not be charged VAT by tradesmen. With careful planning and review, many projects can have the amount of VAT payable substantially reduced. Those involved in the building works could also become more competitive in the marketplace simply by having a basic understanding of when it’s appropriate to be quoting and invoicing VAT for works undertaken. Even if you have been VAT registered for some time, special tax laws designed to protect important buildings often apply so passing these savings onto your client could make the difference between winning the work or not. The VAT Consultancy has been at the forefront of heritage building works taxation for a decade, having instigated the Lordsregal case which resulted in groundbreaking legal precedent. This quoted case, which is equally important to those developers looking for profit from listed properties, continues to define whether a historic or listed building has been substantially altered or not. The specialist VAT consultancy has since been named the country’s leading independent dedicated VAT practice, recognised as The Best Tax Team in a Boutique Firm at the Taxation Awards. The company’s team of qualified experts, with a varied mix between ex-HMRC and accounting backgrounds, has proven experience in helping clients to save substantial amounts of money and avoid penalties. For all your VAT enquiries call Karen Mulcahy on 01962 735350 or visit www.thevatconsultancy.com
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