In this episode, Shaz explains the VAT rates and implications when doing a commercial conversion, and how you can and should remain compliant at all times.
KEY TAKEAWAYS
When doing a commercial conversion, the VAT rate is 5% whether increasing the number of units, decreasing them, or converting a property that has been empty for more than two years.
If you sell a property, you can claim back the VAT, but if you hold onto it, you cannot do this due to the fact that you will be selling a service
BEST MOMENTS
'If you're increasing the number of units, you pay 5% on the increase'
'Reclaim every month because it will give you a c ash advantage'
VALUABLE RESOURCES
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ABOUT THE HOST
Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
You can find Shaz on:
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