Deemed supplies can often be overlooked where, for example, properties are transferred for no consideration and an option to tax is not put in place. Sarah Franklin provides your refresher guide to the rules.
What is a deemed supply?
Certain transactions are treated as supplies of goods and services where they otherwise may not have been for example where no consideration is received. Such transactions are known as ‘deemed supplies’ or ‘self-supplies’ and businesses should be aware of the situations in which these may occur and the various pitfalls to watch out for to avoid irrecoverable VAT costs being incurred.
Deemed supplies can often be overlooked where properties are transferred for no consideration and this can result in significant VAT costs ...
