Forum Categories › VAT ON PROPERTY TRANSACTIONS › Claiming VAT on professional fees for sale of commercial property as a TOGC › Reply To: Claiming VAT on professional fees for sale of commercial property as a TOGC
Ok so I finally de-registered in December, as there were still invoices being raised in the last 2 quarters, so effective date for ceasing trading was the last invoice for which income was received and for which VAT was paid. I de-registered online, however, I have received a form saying ‘our records show that you own, or have owned land or property that involve an Option to Tax’ – it then asks me to complete a ‘VAT Deregistration Option to Tax’ form which involves providing details of the property, date of purchase, date of sale, VAT reg of new owner etc.
There is something a little confusing:
There is Q4 which is straightforward ‘did you transfer the property as a going concern’ and asks for details of the new owner, date of transfer, value of property transaction
But the preceding Q3, asks ‘has the property been sold’ – state the price it sold for excl VAT, date of sale and then asks ‘on which VAT return did you declare the tax due – please enter the VAT period’ – but I didn’t declare any tax due, because I sold it as TOGC in July, which is reflected by my answers in q4. Was I meant to have declared the theoretical VAT due in the July return and declared the property transaction value in that return? If so, I haven’t, what can I do about that now??