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26/04/2012

VAT on Self Storage Units

During the last budget a decision was made by the Chancellor to change the VAT status of self storage units.

 

Until 1st October this the rental of self storage units has been treated like commercial property by being VAT exempt. Under the latest budget the chancellor took the decision to remove this exemption. The result being that VAT will now be applicable to the rental of all self storage units at the standard rate of 20%.

 

Unfortunately, even after consultation between the Self Storage Association (who represent all the storage companies in the UK) and the tax authorities, the Finance Bill 2012 received Royal assent on the 17th July 2012 meaning that, as of the 1st October 2012, M-Store Self Storage will have no option but to charge VAT on the rental of its storage units.

 

M-Store will be contacting all of its customers in due course to notify them of their exact position regarding these changes however should you have any questions regarding these changes please do not hesitate to contact Terry or Simon on 0800 878 9000 who would be more than happy to help.