Beware VAT charges on new farmhouse builds, warns Old Mill Farmers looking to build a new farmhouse on their land are increasingly finding that VAT relief is not assured, following a narrowing in HMRC’s interpretation of the rules. Construction costs for new farmhouses have traditionally been zero rated for VAT purposes, provided the planning consent does not prohibit separate use or disposal of the dwelling, says Mark Peters, indirect tax director at accountant Old Mill. However, HM Revenue & Customs has recently adopted a much more aggressive line on what amounts to a prohibition, hence denying relief on a far greater number of projects. farminguk/News/Beware-VAT-charges-on-new-farmhouse-builds-warns-Old-Mill_26210.html
Posted on: Tue, 13 Aug 2013 01:26:06 +0000
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