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Podcast: Wealth Made Simple Podcast
Episode: New Tax Rules
Description: Shaz discusses two new important changes to tax regulations, including Option To Tax and the new VAT penalty regime, which may cost you dearly. KEY TAKEAWAYS An Option To Tax is when somebody brings a commercial property into the VAT regime, meaning that the costs of refurbishment can be claimed back from HMRC. From the 1st February 2023, HMRC implemented changes . The first change is that HMRC will stop issuing OTT notification receipt letters. BEST MOMENTS 'They opt to tax for the property, which means they ask HMRC for the costs of the refurb'<...