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Our new client has an investment property adjacent to his sole trader business. As the business is VAT registered, it would seem that VAT has also been charged on the letting of the ground floor of the adjacent property. We are given to understand that no VAT has been charged on the letting of the residential upper part, nor has input VAT been claimed on repairs.
Our new client has an investment property adjacent to his sole trader business. As the business is VAT registered it would seem that VAT has also been charged on the letting of the ground floor of the adjacent property. We are given to understand that no VAT has been charged on the letting of the residential upper part nor has input VAT been claimed on repairs.
The ground floor has been let to commercial tenants under a 15-year tenant repairing lease at £5 000 per annum plus VAT. We understand that there are two years remaining of the lease and that the tenant is a VAT-registered business making standard taxable supplies.
It is understood from the client that no election under option to tax has ever been made. However the income and VAT charged on the adjacent property has to date been declared within the income...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
