The right approach will depend on the nature of your business, the details of the site you’re acquiring, and your plans for its development.
Demand for commercial sites is high, and you’ll need to move fast to snap them up. But you must take time to consult a technical expert on the VAT implications first. Somebody who not only understands the rules, but can interpret what they mean for your business.
FRS 102 introduced extensive measurement and disclosure rules for non-basic financial instruments. Property companies were affected but these new rules may assist in simplifying disclosure as more loans will be defined as basic.
The proposals are relevant to individuals and partnerships of individuals with unincorporated property businesses. It is proposed that the cash basis would also be available to eligible non-UK resident landlords.
HMRC are proposing introducing special procedures for partnerships, jointly owned property and sub-contractors in the construction industry whereby one person is made responsible for providing information which will then automatically be added to the individual partner’s/joint property owner’s/ sub-contractors digital account.