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Housing associations could save £30 million next year after the rate of VAT was slashed in the pre-Budget report.
Chancellor Alistair Darling cut the standard rate of VAT from 17.5 per cent to 15 per cent. The cut comes into effect from 1 December.
Adam Cutler, senior VAT manager at accountancy KPMG, estimated that the sector could be spending more than £1 billion a year maintaining and refurbishing stock.
This would mean the cut was worth around £30 million.
‘The main benefit is likely to be on ongoing repairs and maintenance of existing properties,’ he said.
‘VAT is normally an absolute cost to housing associations, as they cannot recover most of the VAT they incur.
‘Housing associations should be talking to suppliers who would normally invoice at the end of the month, asking them to delay until next week when they can charge the lower VAT rate.’
Neil Cohen, partner and head of tax at law firm Trowers & Hamlins, added: ‘The reduction in VAT will also directly benefit tenants and leaseholders by lowering variable service charges, providing an economic stimulus not only to the social housing sector, but to tenants as well.’