One of my clients, a commercial trading company (VAT registered business) developed four new flats.The two flats were sold quickly after the completion. The other two flats are rented out at the moment as the company could not find the buyers yet.
I want to know the VAT implications on the following transactions,
1) the flats sold by the company
2) rental Income received by the company & subsequent sale of the rented flats
I look forward to hear from you.