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Buying Property As A Going Concern


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Hi people,I am looking to purchase a freehold property consisting of 4 buildings, split into 10 separate units. 2 of the units have been sold on on a 999 year peppercorn lease, 3 units are rented out to commercial businesses. The remaining 5 units are vacant and have been vacant for some time.

I am looking to buy the property as a going concern and keep the present tenants, but the vacant units I wish to convert to residential. There is Permitted Development granted already.

I have been advised that I can do this and not attract VAT, I have also been advised by someone else I would have to be VAT registered to dis-apply the VAT.

Who is right and is there a different way of purchasing the property?

I would appreciate any and all advice. Thank you.

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  • 4 weeks later...

If you need some help with the vAT side on the conversion then these articles may help

 

Commercial to residential conversions to minimise SDLT, IHT and income tax

 

Remove VAT from the cost of buying a commercial property

Warm regards

 

Simon Misiewicz| Business Development Manager

Optimise Property Tax Specialists

 

See our blogs & articles: http://www.optimiseaccountants.co.uk/category/blog/

 
Need an accountant?
Book a call at a time that is convenient for you here.
 
Need a tax question answering?

 

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