Sean McGinness (Saffery Champness) explores some of the contractual arrangements entered into by developers where there is more than one party.
HMRC has recently published updated guidance on the VAT registration requirements of land developments where one or more parties are involved (‘Register for VAT if you own land with another person’ at bit.ly/2KySx7z). It has also updated its VAT Registration Manual (at VATREG10010) which provides some more detail and also examples. It is understood that HMRC did consult with stakeholders in the construction sector regarding the new guidance and whilst the guidance states that each case must be considered on its own merits it is welcome that some clarity has been provided. It is hoped that this updated guidance will result in a smoother registration process for those applying for unincorporated joint venture VAT registrations.
Whilst the basic concepts remain unchanged and are relatively straightforward we...
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Sean McGinness (Saffery Champness) explores some of the contractual arrangements entered into by developers where there is more than one party.
HMRC has recently published updated guidance on the VAT registration requirements of land developments where one or more parties are involved (‘Register for VAT if you own land with another person’ at bit.ly/2KySx7z). It has also updated its VAT Registration Manual (at VATREG10010) which provides some more detail and also examples. It is understood that HMRC did consult with stakeholders in the construction sector regarding the new guidance and whilst the guidance states that each case must be considered on its own merits it is welcome that some clarity has been provided. It is hoped that this updated guidance will result in a smoother registration process for those applying for unincorporated joint venture VAT registrations.
Whilst the basic concepts remain unchanged and are relatively straightforward we...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
