NEW Articles16 Apr 2024
Deductibility of training costs
Guidance on the tax deductibility of training costs for the self-employed
Articles
Further changes to the Option to Tax (OTT) process
HMRC have announced the further changes to the Option to Tax (OTT) process. The option to tax (OTT) is an election to waive the land exemption and instead to charge VAT at the standard-rate on the supply of land and buildings.
Option to Tax notification – New applications
From 1 February 2023, HMRC will stop issuing Option to Tax notification receipt letters. Instead, HMRC will only provide an electronic confirmation for an OTT application which is emailed directly to HMRC official email address: optiontotaxnationalunit@hmrc.gov.uk
The automatic response will be sent to the sender’s email address and should be retained for the confirmation for the date of notifying HMRC of the OTT.
OTT notifications submitted by other means will not receive any acknowledgement from HMRC unfortunately.
Confirmation of existing Option to Tax notifications
From 1 February 2023, HMRC will also stop processing requests to confirm the existence of an existing Option to Tax, except under limited circumstances: –
If the above conditions are met, a request to confirm that an Option to Tax is in place on the relevant property must be accompanied by a letter or deed of appointment along with the following details: –
Where there is any doubt or concern about the existence of an OTT which may have been exercised within the last six years, it is strongly advised to make an OTT confirmation request with HMRC before the change in policy (effective from 1st February 2023).
If you have require advice on Option to Tax, or any aspect of VAT please contact us.
More & Other Musings
View all related contentNEW Articles16 Apr 2024
Guidance on the tax deductibility of training costs for the self-employed
NEW Articles15 Apr 2024
The abolition of multiple dwellings relief under stamp duty land tax (SDLT) will put an end to disputes about what qualifies as a separate dwelling.
NEW Articles15 Apr 2024
New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common
NEW News15 Apr 2024
Alliotts' supports Games London's 'Game Finance Market' event
Articles27 Mar 2024
Following the welcome news that Jeremy Hunt delivered in his Spring Budget, we’re already seeing a huge up lift in activity by independent film producers. In a nutshell, this entirely new Independent Film Tax Credit (IFTC) for films with a... Read more