Thursday, 25 June 2020

Changes to notifying an option to tax land and buildings during coronavirus

The time limit for notifying HMRC of a decision to opt to tax land and buildings has been temporarily extended to 90 days due to COVID-19.

Normally you are required to notify HMRC within 30 days of deciding to opt to tax land and buildings. This can be done by emailing a scanned copy of the signed notification to opt to tax, or by printing and posting a signed copy of the notification. 

Due to the impact of COVID-19, the rules have been temporarily changed for decisions made between 15th February 2020 and 31st October 2020.

Normally supplies of land and buildings are exempt from VAT. However, you may opt to tax a piece of land or a building so you can recover any VAT incurred in making those supplies. 

This is a complex area of taxation, so please do not hesitate to contact us if you have any queries regarding this. We would be pleased to assist.

No comments:

Post a Comment