<ul><li>Failure to notify the Option to Tax can result in denied input VAT on significant costs, the need to reissue or reverse invoices, and potential delays or collapse of deals.</li><li>Developers, investors, landlords, and advisers are all susceptible to the consequences of miscommunication or assumptions regarding the Option to Tax.</li><li>Submitting Form VAT1614A to HMRC within 30 days is crucial, along with keeping records of the submission, supporting documents, and proof of intention to opt.</li><li>Once accepted, the Option to Tax enables charging VAT on rent or sale, as well as reclaiming VAT on property expenses, enhancing cash flow and tax efficiency.</li></ul>

Notifying the Option to Tax: How and When to Get It Right — A Practical Guide for Property…

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