Publisher's Synopsis
Are you a property developer, contractor or professional advisor? Are you building or converting residential properties to lease or sell? Then you NEED to read this book. Whether you're a property developer or a contractor, you'll know that the VAT rules about the residential property development are particularly difficult. If you don't budget properly for VAT at the start of a development, you can be left with expensive mistakes, significantly affecting the anticipated profit on your development or even changing that profit into a loss. Like most taxes, the rules are complicated and there are a lot of them; including the VAT liability of property transactions, construction services and claiming VAT from HMRC. But the most difficult and least understood aspect about all of this is that you need to understand how the rules work together before you can work out the VAT cost of your development. This book has been written specially for those of you who are new to property development or construction as a business, or have limited knowledge of the VAT rules and need to know more. It includes the important VAT rules, as well as a lot of practical information about VAT and residential property development. The book will help you to save money and manage the VAT process of your development. If you're a developer, it will help you to maximize your profits by knowing how to keep your VAT costs down and when you can claim from HMRC. If you're a contractor, you'll be able to save money for your customer by understanding when you can charge the zero-rate or reduced rate for your work. And if you're a professional advisor, accountant; architect, project manager, solicitor or surveyor; you can help clients take full advantage of the VAT reliefs so that they can save money and manage the process properly. I've avoided lots of legal jargon and legislation (unless absolutely necessary!) and there are links to HMRC guidance in case you need more detailed guidance. And I also tell when you CAN'T save VAT on your costs or claim VAT from HMRC. If you know in advance, you can at least budget properly from the beginning and plan your expenditure accordingly.
