Hello
If a person lets a commercial property and charges VAT on the income, is the gross or net included on the tax return? I assume net, or the person would be getting taxed on VAT!
Thanks in advance.
Replies (3)
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Hmm, never actually thought about it
But logically it should follow the SE treatment, it's what they finally end up with (so the net) that you include.
The b****r is ...
... when you buy a property that has had the option to tax taken, you have to pay stamp duty on the VAT!