Sector VAT Issues
With a mix of stock transfer organisations and traditional models this sector brings a range of complexities from the VAT perspective. Partial exemption special methods need detailed consideration and, for any type of association, can create both VAT opportunities and risk. Land and property development projects are a frequent area especially as collaboration increases often including bodies with a very different VAT regime – local authorities, colleges of further education and NHS bodies. In addition we are seeing a further diversification of income generation in the sector as pressures on budgets grow. Conversations on the benefits of the VAT Cost Sharing Group issue are starting to happen as well.
How Centurion can help
Centurion's engagement with this sector grew from the sector specific VAT knowledge our team had gathered over many years. We deliver VAT training courses both in house and through housing umbrella bodies.
Many of our housing clients use our VAT Management service and proactive Development teams understand the importance of talking to us early in the viability planning stage of a project to establish the VAT impact on even the physical layout of a building and the site development plans.
Our success in broadening our housing association base is built on the quality of our VAT support and was a key point noted by the judges who awarded Centurion the accolade of "The Best VAT Team in the UK" in the Taxation 2013 Awards.