Carpe Diem Hardware 700-9 Hardware 700-9 Classic Collet Chalice Decorative Sleeve, 1-Inch

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VAT is a tax on consumer expenditure. It’s collected on business transactions, imports and acquisitions.

If you sell the freehold of a new, or partly completed, commercial building your supply is standard-rated unless it qualifies to be treated as part of a transfer of a going concern, see Transfer a business as a going concern (VAT Notice 700/9). If you supply a garage or parking facility at a seasonal or holiday caravan park your supply is always standard-rated. VAT is not payable on zero-rated supplies, and an invoice for a zero-rated supply will not constitute a VAT invoice ( paragraph 15.10 explains why this is important for tax point purposes). When a development is undertaken there may need to be road improvements. These road improvements will normally be undertaken in either works carried out by the: This means that if the rents from the commercial premises are exempt from VAT, the parking facilities will also be exempt.

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But if you pay an inducement to a prospective tenant who, in return, provides a benefit to you other than that customarily derived from entering the lease, then there is a supply. The VAT liability of the supply will depend on the nature of the benefits provided, which could for example involve undertaking improvements or repairs to the building. Leasehold conversions will generally occur in developments that already have existing leaseholders in place prior to the establishment of the commonhold. Following agreement between the interested parties and the land being registered as commonhold all pre-existing leases are extinguished. The letting of garages or parking spaces in conjunction with the letting of dwellings for permanent residential use (under shorthold tenancy agreements or similar) is exempt providing that both the: Most business transactions involve supplies of goods or services. VAT is payable if they’re supplies made: grant the owner of neighbouring land a right to make their property better or more convenient, such as a right of way or right of light.

If you provide facilities for parking vehicles your supply will normally be standard-rated. There are exceptions to this general rule. This section will help you decide the liability of your supplies. 4.2 When to make a standard-rated supply of parking facilities For guidance on shared ownership arrangements, see paragraph 4.4.4. 4.4.4 Letting of parking facilities in conjunction with the letting of dwellings There’s no VAT in the Channel Islands. Goods passing between the Channel Islands and the UK or the Isle of Man are imported or exported for VAT purposes. Read section 5. 4.8 Place of supply 4.8.1 Introductionin making both taxable and exempt supplies, then related input tax is residual and should be recovered in accordance with your normal partial exemption method, see VAT Notice 706: partial exemption for more information Special rules apply if you’re a local authority or similar body covered by section 33 of the Value Added Tax Act 1994 and you have non-business activities. For more information see Local authorities and similar bodies (VAT Notice 749). 4.6.6 If you’re involved in both business and non-business activity If you’re charged VAT on goods and services which you get for

the way in which self-employed people carrying on any trade, vocation or profession, as well as companies, earn an income If you make retail sales or provide services to the public, there are a number of special retail schemes which you may use to work out the VAT on your supplies. the provision of membership benefits by clubs, associations and similar bodies in return for a subscription or other consideration If you’re transferring land or buildings that are let to tenants or are in the process of being let, you should read Transfer a business as a going concern (VAT Notice 700/9). Where a licence to occupy is granted together with other goods and services as part of a single supply, the nature of the overarching supply will determine how it should be categorised for VAT purposes.

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The input tax you incur on the construction of such works is attributable to your supplies of the development that is served by the road or sewer. For example, if your supplies of the land or buildings are taxable supplies, such as new houses, then the input tax you incur on constructing the roads and sewers is recoverable according to the normal rules. Where you make exempt supplies you will not be able to recover all your input tax. 8.2 Transfers of common areas of estates to management companies For both residential and commercial property, the freehold interest in the common parts is vested in the commonhold association. Normally there will be no consideration attributed to the disposal but it’s a supply for VAT purposes and there will be a requirement to charge VAT if the conditions of paragraph 7.6 apply. 13.6.2 A number of freeholds are converted into a single commonhold

commercial property that has been opted to tax (subject to the disapplication test, see Opting to tax land and buildings (VAT Notice 742A))

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for more information on distance selling read section 6 of VAT Notice 700/1: s