VAT Partial Exemption – When House Builders Let their Dwellings Before Selling Them

VAT Partial Exemption – VAT adjustments when house builders let their dwellings before selling them.

The residential property market is slowing down, and because of this some house builders are deferring their intended sales of dwellings and temporarily letting instead, this lead to them becoming partly exempt.

A partly exempt house builder might have to:

• adjust the VAT previously recovered on his submitted VAT returns
• restrict the VAT to be recovered on current and future VAT returns
• both adjust VAT previously recoved and restrict current and future VAT recovery

The amount of ‘exempt input tax’ related to their temporarily lets for most house builders is going to be small (or de minimis) and as a result they can continue to recover all of their input tax; but they must check to avoid VAT mistakes.

If you need any assistance, please find out more about our accountancy services or get in touch.

We Operate Across the UK!

Are you busy with deadlines and appointments? Never got time to sort out your day-to-day bookkeeping? Davenports are different from any other accountancy service throughout the UK.

We will arrange for a convenient time for a collection of your binbags or carrier bags full of documents, in whatever state. We will process the whole lot and get your accounts back in order.

How different is that?

You may ask how much this service costs. It’s all included in our bookkeeping charges! We do not charge extra for collection.

If you’re thinking about using Davenports, but are put off by the distance between your company and ours, don’t worry. We have clients from across the UK.

Because we use electronic communication, it doesn’t matter where you’re based. You can email us at any time, and our new Live Chat system means that you can get hold of us when you need us most.

Of course, if you fancy a good old chin wag, or to meet face to face, we’re always available.

We’re soon going to be adding a client area onto our website, which means that you’ll be able to download your important documents, and send documents to us electronically in an instant.

If you’re thinking of using Davenports, but are worried about the distance, take a look at some of these satisfied customers:

R. Wake – Bristol

“I came to use Davenports because I just love the dynamic way of their collection service. The whole process made me feel at ease. They arranged at time, date and told me the name of the driver collecting my bookkeeping, all this helped to gain my trust – I felt very reassured. Plus, they give me a courtesy call when the bookkeeping arrived safely at their processing centre. Once they received it, they followed up regularly to make sure that everything was understood. As a result, I’ve managed to get money back from HMRC that I didn’t even know I had!”

P. Johnston – Manchester

“My books were in a complete mess! I literally had sacks full of paper and documents in no order whatsoever. I literally thought I was at the breaking point and was going to lose my business. I sent a simple email to Davenports. One of the directors gave me a call within the hour and the relationship started from there. I’m now in complete control of my business. I have regular, monthly, management reports from Davenports, and I don’t have to worry about my accounts any more. And the best thing about it is that, with today’s technology, I can manage the whole process from the comfort of my armchair! Thank you Davenports, you’ve saved my business and I can sleep at night.”

View our customers from:

• Oxfordshire
• Buckinghamshire
• London
• Middlesex
• Birmingham
• Dorset

For more testimonials from our satisfied customers, please visit our testimonials page.

And most of all, check out our news page for regularly updated information, more products that could save you money and technology, which could save time.

Remember, we’re only an email (or Live Chat – at the top of the page) away or fill in our simple form below, and that costs nothing!

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Reduce Your Personal or Corporation Tax Bills

Are you expecting to pay a large Tax contribution to the Inland Revenue on your Personal or Corporation Tax assessment?

We specialise in minimizing tax bills and in many cases reducing them to NIL.

Our team consists of top professionals in our industry and all of our schemes are fully secure, in every case having the support of counsel.

Regarding companies, whether your expected taxation has arisen from normal corporate trading or windfall gains and also regardless of the sector you operate in, we can help.

Our clients include successful property developers and directors of trading companies, often facing pivotal points in their trading and taxation outcomes.

Often we are advising companies where there are unexpected gains through disposals of parts of the business or through the realisation of a gain in the value of the land they hold.

Individuals can also benefit in personal tax assessments and we are able to minimize taxation with similar mechanisms.

To find out if we can help you please fill out our enquiry form and we will get back you ASAP.

All enquiries are obviously treated in absolute confidence and subject to Data Protection.

South Shores Limited Testimonial

Simon Cole – Director – Sandbanks, Dorset

“Having been in trading now for a number of years, and having worked with a number of accountants, I can honestly say that Davenports are the best I have ever dealt with! They understand my needs as a customer, in every area – not just accounting but in a whole host of areas. They are down to earth and use easy to understand language that even the likes of me can follow. I have always believed it was healthy to ‘fear’ your accountant, Davenports have shown me that there is another way to stay on the straight and narrow! Their friendly, yet professional approach, and high level service means that I would not dream of taking my accounts anywhere else.”

Simply Ceilings Testimonial

Simon Whitlock – Owner – Aylesbury – Buckinghamshire

“Jason & Scott at Davenports have been looking after my accounts for about 18 months now, and I don’t know how I survived without them. They make you feel like one of the family, which lets me go about my work knowing I am being well looked after. I would strongly recommend them and would advise others to jump aboard. Many thanks to you both.”

Adster Services Limited Testimonial

Adam Lydiate – Managing Director – Didcot, Oxfordshire

“Davenports were recommended to me by one of my clients when we were talking about the difficulties of running your own business. I had been running Adster Services for a year and although I could meet the challenge of helping my customers with their computing needs I found that an even greater challenge was to be found keeping the books straight. In December 2007 Adster Services Ltd became VAT registered and that proved to be the straw that broke the camels’ back. I needed help quickly and one call to Davenports did the trick. Jason and Scott arranged a meeting within days and following a thorough needs assessment put together a plan of action.

My accounts consisted mainly of bags of paperwork, receipts, random spreadsheets and my own memory. Within a week Davenports had completely sorted through the lot, phoned me with some queries and promptly provided me with my first VAT return and my end of year accounts.

I have been a client of Davenports for nearly 6 months now and am happy to say that their service has been nothing short of outstanding. Accounts queries (and there have been many!) have been dealt with within hours not weeks, emails are replied to extremely quickly and sometimes even late at night, and I now find I am free to get one with what I do best. I can also vouch that Davenport have more than paid for themselves with the amount of time they have saved me, and I strongly recommend them to any local business.”

Visit Adster Services Limited.

Positive Health Measures Limited Testimonial

Anne – Managing Director – Bicester, Oxfordshire
“These are the professionals for you if you, like me you are challenged with anything administrative.
Scott and Jason have truly changed my business life by initially completely organising all things admin and most recently running my virtual office. This has released me both from the worry of not getting paper work done whilst enabling me to focus completely on my business. I have no reservation in recommending the quality of service they provide.”

Visit Positive Health Measures Limited.

A & D Electrical Contractors Limited Testimonial

Dean – Managing Director – Didcot, Oxfordshire
“I used to do all my books myself, but eventually I found I hardly had any time to myself anymore. Then Davenports stepped in and took away the burden, I’m still in control of my accounts but it’s nice to know that someone else can sort them out.”

Form a Limited Company Online

New on the Davenports website: form a limited company with Davenports from just £27.99 (+VAT)! This is one of the lowest prices in the UK.

Our company formation system offers an all inclusive, easy to use, cost effective solution to forming a limited company in the UK. We send all your forms electronically to Companies House which means we can form your company within around five working hours, there are no paper forms to sign and you do not need a solicitor.

For those who are new to forming a company there is lots of onscreen help and examples to guide you through the process.

Visit our company formations page to get started.

Paper VAT Returns and Cheque Payments

The address that should be used for submitting paper VAT returns or cheque payments has changed.

The new address is:
VAT Controller
VAT Central Unit
BX5 5AT (note: this has now changed to BD98 1YY. Please see our update on this issue.)

Any stock of pre-paid envelopes with the old address should not be used.

Do you hate doing VAT returns and talking to HM Revenue & Customs? Why not find out what Davenports can do for you by simply completing the form below.

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