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Introducing Below The Lights
Below The Lights opened in summer 2024 in the heart of London - under the famous Piccadilly Lights.A unique Spotlight space for immersive events, Below The Lights is a place where brands can create memorable experiences and incredible media campaigns.
About
We build and invest in buildings, spaces and partnerships to create sustainable places, connect communities and realise potential.
Our 2023 Impact Report
Our 2023 impact report deep dives into the ways our places and activities are making a difference across the UK. From our economic contributions to the social and sustainable value we deliver, we recognise that the consequences of the actions we take as an organisation are both far-reaching and long-lasting.
The potential of sustainable retail
Sustainable retail has the potential to boost local UK economies by nearly £100m and grow brand revenues by up to 13%.
Investors
Discover the strategy that drives our success, as we create sustainable value for our three types of investor: institutional, private and debt.
Half Year Results 2024
Land Securities Group PLC announced its half year results for the six months ended 30 September 2024 on Friday 15 November 2024
Creating valuable places
We enter the coming year with a renewed sense of clarity and purpose.
Sustainability
We're working to enhance the health of our environment and improve quality of life for our people, customers and communities - now, and for future generations.
Landsec Futures
Landsec Futures is a £20m fund that aims to deliver around £200m of social value by 2030, supporting at least 30,000 people from underrepresented socio-economic backgrounds towards long-term employment. It will also provide the chance to increase the diversity of talent across the industry and in our business.
We are working to Let Nature In
We’re letting nature into the design, development, and management of our spaces. We’re improving biodiversity; promoting health, wellbeing and community engagement by creating green spaces; and creating nature-based solutions to mitigate and adapt to climate change.
Careers
Life at Landsec
We're shining a spotlight on some of the inspirational people that work for us as part of our Life at Landsec series.
Media & Insights
Reverse mentoring for an inclusive future
Earlier this year, nine executive leadership team members (ELT) were each paired with a more junior colleague for a six-month reverse mentoring opportunity.
Please note this applies to amounts which are paid directly to Landsec. Amounts which are paid to an agent, such as Savills, will still be invoiced in advance. Any changes to this will be advised separately.
From the June quarter day (24 June 2020) Landsec is no longer going to issue VAT invoices in advance of cash being received by Landsec. A Request for Payment will be issued approximately four to six weeks in advance of our customers payment due date. This will be in the agreed manner, either electronically via email or post. When a payment is received by Landsec it will be matched to the Request for Payment previously issued. Once this matching has taken place, a VAT receipt will be issued to the customer (in the same way as the Request for Payment, either electronically via email or post).
If you pay your rent or service charge on time, this will not change your VAT recovery. You can continue to recover the VAT you pay in the period the payment is made. If you pay your rent or service charge after the due date, then you may have to recover any VAT paid in a later VAT period.
This applies to all demands issued by Landsec after 8 June 2020. • For traditional quarter days this will apply from 24 June 2020. • For monthly rent payments this will apply from 1 July 2020. • For modern English quarter days this will apply from 1 July 2020. • For Scottish quarter days this will apply from 28 August 2020.
Please note: The process for rent and service charges on properties managed by agents (e.g. Savills) on behalf of Landsec is not changing yet.
Many landlords have always issued ‘Requests for Payments’. Once a VAT invoice has been issued Landsec needs to account for that VAT to HMRC at the end of the quarter whether or not the amount has been paid by the customer. This required Landsec to fund VAT payments to HMRC in advance of receiving payments.
No, a Request for Payment is not a VAT invoice. As such a VAT point has not been created until a payment is received by Landsec.
A VAT receipt will be automatically issued as soon as the amount is matched by Landsec against the Request for Payment. We use auto-matching software to allocate payments we receive. You can accelerate this process by submitting your remittance advice in pdf format, including the reference number (as shown on the Request for Payment), by email to remittances@landsec.com.
The VAT point will be the date Landsec receives the monies relating to the Request for Payment. Therefore, you can recover the VAT in the period in which we have received the monies. HMRC would normally accept proof of the date of your payment as support for the recovery of VAT in advance of receiving the VAT receipt. The VAT receipt from Landsec confirming this will follow as soon as the payment is matched.
The VAT point is the term that defines when VAT is deemed to have been received or paid. For continuous services (such as rent or service charge) this is the earlier of a VAT invoice being issued or cash being received by the supplier of that service (i.e. Landsec in this case). Therefore, the VAT point will now be the date the cash clears in the Landsec bank account.
This will apply to any ‘continuing supplies’ e.g. rent, service charge, insurance and utilities.
If there is a one-off supply of goods or services, this will not be a continuous supply so the basic tax rule will apply. This means once the goods or service has been completed the VAT will be due. In these circumstances a VAT invoice will be issued on completion of the supply and state the VAT point.
No. The responsibility of paying rent and service charges is set out in your lease. Payments due under the terms of the lease must be paid whether or not a VAT Invoice or Request for Payment have been issued by Landsec. This includes payments in respect of VAT on any sums reserved as rent. Landsec has an obligation to issue a VAT receipt within 30 days of the receipt of funds.
In this case Landsec will have to manually match your payment against the amounts owed. Landsec receives thousands of payments a month and we may need to contact you to understand what the payment relates to. This will lead to a delay in issuing the VAT receipt. We would strongly recommend submitting a remittance advice detailing your document number as shown on the Request for Payment.
If an amount is overpaid it will not be able to be matched against a Request for Payment, therefore no VAT receipt will be able to be issued. The cash will be allocated to your account and a discussion will take place as to whether this is allocated against future Requests for Payments or is refunded. If it is matched against a future Request for Payment a VAT receipt will be issued at that point in time. The VAT date will be the original date the cash was received by Landsec.
A VAT receipt will be issued for only the amount of the continuous service that has been paid. The VAT receipt will include how much is still owed in relation to the Request for Payment it has been matched against. When another amount is received relating to this Request for Payment a further VAT receipt will be issued.
You will be unable to recover any VAT until you have made a payment to Landsec. Under our previous process it was possible for customers to recover VAT on amounts set out in a VAT invoice they had not yet paid. However, the customer would have to monitor this closely as any VAT recovered on VAT invoices not paid within six months of the VAT point would have to be adjusted in the customers VAT return and repaid to HMRC.
The VAT point is the date the cash is received by Landsec and this date is what will be shown on the VAT receipt even if it is in advance of the due date.
As a VAT Invoice will previously have been issued in advance of this payment no further VAT receipt will be issued on receipt of the funds by Landsec.
