VAT on Property - A Deep Dive into Practical Scenarios (Oct 23)
Category: Tax | Duration: 1hr | Tag: VODAUTXIE23D1S2 | Type: Video | Course Level: Advanced | Speaker: Mairead Hennessy | Date: 03/10/2023 12:10
Course Details
The VAT on Property rules are varied and complex. Also, the values involved in property transactions can be substantial. A detailed analysis of the VAT history of any commercial property needs to be undertaken in advance of its sale in order to determine the appropriate VAT treatment of the sale. Property sales can have potentially costly consequences for both purchasers and vendors and the VAT treatment of property sales differs vastly from the supply of other goods and services.
For this reason, it is very important that accountants and other professionals involved in property transactions have a good understanding of the rules and their application to specific scenarios.
The course covers practical considerations in each of the following areas:
- Determining when a property sale is automatically chargeable to VAT
- The operation of the Capital Goods Scheme (CGS) and how changes to the use to which a property is put over its VAT life, impacts the CGS Implications for the purchaser when the Joint Option to Tax is exercised on a property sale
- The landlord’s decision whether to charge VAT on rents and potential implication on the CGS
- VAT implications on the surrender / assignment of leases
- VAT treatment of professional fees relating to property transactions
CPD Course Speaker
Taxkey
Mairead Hennessy
Mairéad Hennessy has over sixteen years’ experience delivering tax advice in both practice and industry tax roles.
Mairéad is passionate about providing SMEs and their owners with specialized and proactive tax advice. In 2016 Mairéad set up Taxkey as a tax advisory practice specialising in providing bespoke tax solutions on matters such as retirement planning, business succession, corporate group structuring, inheritance tax, property transactions and VAT.
Mairéad represents CCAB-I on TALC (indirect taxes), which is the main forum for making representations between the Irish Revenue and practitioners on tax administration in Ireland. The CCAB-I is the Consultative Committee of Accountancy Bodies of Ireland and is an umbrella group of the Irish accountancy profession.
Mairéad is passionate about providing SMEs and their owners with specialized and proactive tax advice. In 2016 Mairéad set up Taxkey as a tax advisory practice specialising in providing bespoke tax solutions on matters such as retirement planning, business succession, corporate group structuring, inheritance tax, property transactions and VAT.
Mairéad represents CCAB-I on TALC (indirect taxes), which is the main forum for making representations between the Irish Revenue and practitioners on tax administration in Ireland. The CCAB-I is the Consultative Committee of Accountancy Bodies of Ireland and is an umbrella group of the Irish accountancy profession.