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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4082
Experience:  FCCA FCMA CGMA ACIS
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How do I charge and account Vat on a Commercial Property

Customer Question

How do I charge and account for the Vat on a Commercial Property that is being sold. We are the landlords and have elected to charge vat on the rental income and disposal. Do we have to raise a separate invoice for the disposal
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Customer:

Well, yes; normally one would not see a formal invoice for the sale of landed property, but in this case, as an election to impose the tax on rental income has been made, it will be necessary to issue the buyer with a formal invoice showing the amount of VAT payable. Such an invoice must conform with the normal rules for VAT invoicing ie unique reference, date, VAT Number, amount of VAT charged and at which rate etc.

Expert:  bigduckontax replied 2 years ago.
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