Construction Industry VAT changes

VAT on land

VAT on land and buildings

August 18, 2023

VAT on land and buildings   When you are acquiring a commercial building, you need to know whether the purchase price will include VAT Older non-residential buildings will normally be exempt from VAT, but not if the owner has opted to apply VAT (“opted to tax”) at some point. This option to tax (OTT) is in

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Construction Industry VAT changes

Construction Industry VAT changes

February 3, 2021

From 1 March 2021, the responsibility for accounting for VAT on building works will shift up the supply chain to larger contractors. Building sub-contractors will no longer charge VAT to other businesses in the construction industry. Instead, their building customers will account for the VAT as both a purchase and sale by doing a reverse

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