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June 9, 2020

A Better Option - Temporary Opt to Tax Time Limit Extension

HMRC have announced temporary changes to to the time limit and rules for notifying an option to tax for VAT on land and buildings.

Current Time Limit

Normally, HMRC will need to be notified of an option to tax within 30 days of opting to tax the property. This can be done by either:

  • printing and sending the signed notification to HMRC
  • emailing a copy of the signed notification to HMRC

The notification need to be signed by a relevant person in the business.

Temporary Change to Time Limit

Where a decision is made to opt to tax a property between 15 February 2020 and 30 June 2020, the time limit to notify HMRC is 90 days.

For an overview of the tax implications of opting to tax a property, please see the following article

If you require advice or assistance with opting to tax land/buildings, or property tax in general, please contact a member of our team.

Related Articles

VAT: When do I need to register?

There is Always the Option - Opting to Tax Land and Buildings

New CGT Returns Required From 6 April 2020

Letter from HMRC - Reporting Rental Income

Contact us today to discuss your tax requirements.
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