Overview

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.

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9781536863291

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Marie Stein has been working in VAT since 1982, when she began her career as a VAT Officer for HM Customs & Excise. She left to join the accountancy profession in 1986, working as a VAT consultant in the accountancy profession, for some of the biggest accountancy firms and also smaller practices. She's been running her own VAT consultancy business since 2010. Marie never anticipated being a tax professional for all of her working life, but truth be told, she has to admit that she likes working in VAT, partly because the subject itself is technically challenging, but mostly because she really enjoys working with other people and learning about their businesses. She's worked with some very clever and extremely resourceful business owners over the years from a wide range of business sectors, from import/export, manufacturing, retailing, e-services and, of course property and construction. Every day is a new learning experience and every client is unique. Over recent years, she's developed a special interest in VAT and residential property development and has helped many developers, contractors and property owners to save VAT and avoid a lot of hassle dealing with VAT. Marie's VAT mission is to make the subject more accessible for accountants and their clients. Outside of VAT, Marie admits to being a bit of a geek and enjoys learning about new stuff, as much as possible. She loves travelling, good food and wine, good company and her family and friends.

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