Housebuilders Renting Property

Many building firms are now holding completed residential property which is proving difficult to sell in the current property market. One solution is to rent out this property for a short period in the expectation that property prices will recover. Ordinarily most of the VAT paid on construction costs is recoverable. Unfortunately rents received from…

The VAT change to 15% – some practical advice

As widely leaked/predicted the standard rate of VAT has been reduced to 15% from 1 December 2008. This reduction will be effective for a fixed period of 13 months. From the 1 January 2010 the rate will revert to 17.5%. For VAT registered traders this creates a number of practical problems and issues, which we…