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A potential VAT problem for overseas landlords – and a bank account horror story
KEY POINTS
- A zero VAT turnover threshold from 1 December 2012 in some circumstances.
- Does a non-established taxable person have a business establishment?
- Note the difference in the VAT treatment of holiday and residential lettings.
- Should taxpayers consider the appointment of a
- UK-based property managing agent?
- The importance of HMRC having the taxpayer’s correct bank account details.
How many of us complete a self-assessment tax return for a UK property owner who is resident overseas? Or do any readers act for clients who trade in the UK as property managing agents?
If so then read on – you might be in for a big surprise about VAT. Whatever you do don’t stop reading because you do have such clients but their turnover is below...
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