Property service charges

The need for service charges arises where a property is part of a larger development with shared services and common areas. In such cases, it is usual for a management company to oversee the collection of charges from owners or tenants, and to arrange necessary services. Such services typically include: Insurance of common areas; Maintenance of automated access, lifts etc Refuse disposal and cleaning Repairs and maintenance Security Sinking fund […]

VAT on Property

With effect from 1 July 2008 new rules were introduced in relation to VAT on property.  Below is a brief summary of these rules. Supply of property Under the new rules, in order for the supply of a property to come within the charge to VAT the property must have been developed and must be supplied for consideration in the course of business. The supply of a completed property is […]