To say that property is one of the more complicated areas of VAT is an understatement. What supplies are zero-rated? What’s exempt? When does the 5% rate apply? What VAT can I recover?
One area in which we’ve found that there is particular confusion is where conversion work is undertaken: a measure of how wrong you can get it is the fact that in VAT reviews we have recently undertaken for a number of property developers we have uncovered additional VAT refunds in excess of £300,000!
At this difficult time, no-one can afford to pay more VAT than is absolutely necessary and every penny counts. For details of our VAT review service for property developers and investors, and of our other services to the property industry, please get in touch with your usual contact partner at BKL.