09 Jan 2019
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate.
The ability to convert the treatment of VAT exempt land and buildings to taxable can have many benefits. The main benefit, is that the person making the option to tax will be able to recover VAT on costs (subject to the usual rules) associated with the property including the purchase and refurbishment of the property.
If you make changes to a building (such as an extension) after you have opted to tax then the option to tax will usually apply to the whole of the extended building. However, care needs to be taken for linked buildings and forming a complex where the option to tax will not always apply depending on the exact circumstances.
It is also possible to exclude a new building from the effect of an option to tax where the building is constructed on land that has been the subject of an option to tax. Care should be taken before making a final decision as this can affect entitlement
to input tax recovery on associated costs. It is important to remember that once an option to tax has been made, it can only be revoked under certain limited circumstances.
Vada Studios is a very successful music recording facility. The business had outgrown their existing premises, and had a vision to create one of the top residential recording studios in the UK.
A highly successful restaurant, butcher and retail business.
GJA have been the retained accountants for this property investment and development group for over 20 years. Imminently due to dissolve companies.
Proco approached us with an idea of becoming a distributor of a high-end product in the UK, supplying vinyl nationally.
In 2008 Tom Floate left his employer to set up his own business providing website services. Initially forming a partnership with his wife Rachel, they began trading IO Studios from their home office.
Barry the Butcher is a very successful wholesale butchery and retail business.
Chris works with a diverse profile of owner managed businesses to assist them to grow and retain wealth. Although Chris works with clients from a wide range of sectors, he has particular expertise in property, catering, consultancy and professional services.
Managing Director ACMA
Alex has worked for Grenfell James since 2002 and became a director in 2013. Overseeing our internal operations, he manages the flow of work and ensures we hit our strict deadlines. Alex also manages a portfolio of clients, with expertise in manufacturing and service businesses.
Operational Director MAAT
David has worked for Grenfell James since 2006. He heads up our tax team and is highly experienced with expertise in different industries and sectors.
Tax Director ACCA
Hannah qualified in 2016, having worked for the company since 2009. She acts as a client manager for a range of businesses, with expert knowledge of the equestrian and rural sector. Hannah also manages our payroll team.
Client Manager ACCA
Mckechnies independent tea and coffee bar.
Roy Ferguson. The Perfect Cosmetics Company.
Mr J McCarthy
Paul Stanley. A S Contracts Ltd.
Proco Coatings & Laminates
Dean. Wootton IT
NPD Design Consultants Ltd
Mary Keeley - Mary Keeley Consultancy
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