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'

'Make sure that you pay on time!'

VALUABLE RESOURCES

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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 consultations 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:

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•   YouTube.