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Listed Buildings
WHO CAN BENEFIT FROM ADVICE? Private individuals Private landlords Housing associations Nursing home operators University accommodation Schools Not for profit organisations Places of worship  SOLUTIONSConsultancy Compliance Apportionments HM Revenue and Customs SPECIFIC SPECIALIST AREAS Listed Building Consent VAT advice VAT efficient project procurement Building contract VAT advice Comparative building cost analyses Project specification VAT audit Certification rules CASE STUDY A private individual has purchased a top floor flat in a listed building in a central London location with a view to converting the roof space above to a galleried bedroom with adjoining roof terrace. At the same time essential repair and maintenance works are planned. The works have been priced by a contractor at £240,000 and the architect's fees are £45,000. The total VAT cost could be as much as £50,000, however by virtue of the zero-rating relief for approved alterations to protected buildings much of the works can be zero-rated if early advice is taken. In this case HM Revenue and Customs had already ruled that only the external alterations can be zero-rated reducing the VAT cost to £40,000. This is not correct and a request for a re-consideration is sent leading to a re-assessment of the VAT to around £15,000 thus saving a total of £35,000. With earlier involvement there was potential to reduce the VAT cost by a further £10,000. In order to ensure the full advantage is taken of the relief issues such as the listed building consent application, procurement of certain fixtures and fittings, treatment of professional fees, treatment of contractor's preliminaries and heating, plumbing and electrical installations need to be researched and considered. |
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