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Post Info TOPIC: HMRC VAT codes
rubyg


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HMRC VAT codes
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Hi, I've been trying to find the VAT code for rent of commercial premises but I find the wording very confusing.

Exempt, outside the scope of VAT, zero rated etc.  The rent I've been told is exempt and I'm guessing that it's T2.  Please could someone confirm if I'm on the right track.

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PJC Bookkeeping


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Hi Ruby,

If you've been told that renting of commercial property is VAT-exempt then yes the code in SAGE is T2. However, this is a grey area so if you want to be absolutely clear in your own mind the VAT implications you might want to look at the HMRC website:

http://www.hmrc.gov.uk/vat/forms-rates/rates/trade-sectors.htm#5

and click on the 'Builders, property developers and landlords' link.

Hope this helps.

Peter

PJC Bookkeeping Services

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rubyg


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Thanks very much Peter.  I'll have another look at the HMRC website but thank you for confirming my hunch.

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