Property Taxes Explained
Regardless of one’s views on taxation, it is a fact of life that when you buy, sell or rent property then you will likely incur some form of taxation. The tax year runs from 6 April to 5 April the following year.
With commercial property there are different ways to be taxed and if you are seeking to reduce your tax bill, Virtual Commercial strongly advises you to speak with a chartered accountant familiar with UK property taxation laws.
However below is a brief explanation of the five main types of tax that affects commercial property and the focus is solely on commercial property.
If a property has been “registered for VAT or opted to tax” or one that is less than three years old, VAT will be due on the purchase price.
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