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Commercial Conversions EXPLAINED What you should consider before doing one
In this content-packed episode, Shaz explains what everyone should know before they start a commercial conversion.
Lots of people miss out capital allowances because they don’t know what they can claim so it’s vital you seek the advice of an expert tax specialist so that you know exactly what you can claim in capital allowances.
Commercial conversions can be a great area to get into as a property developer and Shaz shares great advice and tips about how to get the best out any project by starting off with the right information.
KEY TAKEAWAYS
- If a person in the past has claimed tax on a refurbishment then they will need to charge you VAT when you purchase.
- If you are converting from commercial to residential they can accept a VAT 1614D from you meaning you don’t pay VAT.
- If you are paying VAT on a transaction you will also be paying stamp duty and land tax on the figure.
- When you are buying commercial property make sure you speak to a tax specialist to ensure you claim all the capital allowances due.
- If you are buying through a limited company you will need to carry out due diligence and there is a cost involved with this.
- If you are buying a property within a limited company you need to seek expert advice about property base cost and future tax.
BEST MOMENTS
‘Many people miss out on capital allowances because they are not advised about them’
If you are buying the shares of a company make sure you factor in the base cost of the property’
‘Always seek advice from a tax expert to make sure you claim all capital allowances due’
VALUABLE RESOURCES
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 consultation 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:
- YouTube.
View all episodes
By Shaz NawazIn this content-packed episode, Shaz explains what everyone should know before they start a commercial conversion.
Lots of people miss out capital allowances because they don’t know what they can claim so it’s vital you seek the advice of an expert tax specialist so that you know exactly what you can claim in capital allowances.
Commercial conversions can be a great area to get into as a property developer and Shaz shares great advice and tips about how to get the best out any project by starting off with the right information.
KEY TAKEAWAYS
- If a person in the past has claimed tax on a refurbishment then they will need to charge you VAT when you purchase.
- If you are converting from commercial to residential they can accept a VAT 1614D from you meaning you don’t pay VAT.
- If you are paying VAT on a transaction you will also be paying stamp duty and land tax on the figure.
- When you are buying commercial property make sure you speak to a tax specialist to ensure you claim all the capital allowances due.
- If you are buying through a limited company you will need to carry out due diligence and there is a cost involved with this.
- If you are buying a property within a limited company you need to seek expert advice about property base cost and future tax.
BEST MOMENTS
‘Many people miss out on capital allowances because they are not advised about them’
If you are buying the shares of a company make sure you factor in the base cost of the property’
‘Always seek advice from a tax expert to make sure you claim all capital allowances due’
VALUABLE RESOURCES
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 consultation 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:
- YouTube.
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