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Tuesday, 30 September 2014

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Cumbrian building firms warned over VAT sting

Construction firms who work on listed buildings are being warned of a new pasty-style VAT sting.

From October, the Government is removing the VAT exemption on alterations to listed buildings.

The move was revealed in Chancellor George Osborne’s Budget alongside the removal of VAT exemptions for hot food takeaway food like pies and pasties.

Dodd & Co, the Carlisle chartered accountancy, is warning builders of the new rules.

A statement read: “The press jumped on the pasty VAT change, but there is another change which will affect the construction industry. The Chancellor plans to remove the VAT exemption for alterations to listed buildings from October 1.

“If you have a job on a listed building where the contract had been signed before March 21, the day of the Budget, the exemption could be honoured.

“But if you have a listed building job, but no signed contract, it is worth getting it pushed through and billed by October 1 to keep the cost to the customer down.”

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