Neil Warren considers important time limits and deadlines that apply to certain land and property deals
Timing is everything. This is a much-used phrase in today’s society and is often quoted in diverse subjects ranging from politics to sport. And tax, of course. A correct application of the VAT rules for land and property requires a UK business to get the timing right on many issues. I’ll share practical examples in this article.
Option to tax election
There are two stages to making a correct option to tax election with HMRC: