Building land bought and later sold – VAT registration necessary?

Forum Categories › VAT REGISTRATION › Building land bought and later sold – VAT registration necessary?

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  • 19 October 2022 at 20:40 #55812
    Kernow_Skyline
    Member

    My son-in-law has formed a company to buy land, enhance planning and sell it on at a profit.  They have just completed their first buy/sell.  Should the company be registered for VAT?  They have also bought a flat for renting out. Any help much appreciated, thanks!

    1 November 2022 at 23:06 #56275
    Trevor S
    Participant

    Residential rents will be exempt from VAT, so won’t count towards the registration limit.

    Provided that they don’t opt to tax the land, those sales would also be VAT exempt.

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