Blogger
Share this content
0
3
1305

VAT on property development and refurbishment

Hi,

I am considering flattening a house I own to rebuild 2 new units.

Is there a VAT angle here?

Could I set up a development/refurbishment business, register for VAT with a view to reclaiming all the VAT on any supplies during the process. There would be no output VAT per se but this could be arranged if a de minimus amount were required.

Replies

Please login or register to join the discussion.

02nd May 2012 14:52

VAT on development

Sounds like you need to engage an accountant that knows about VAT to plan this carefully if you're not even sure about the VAT rate on new residential units. The slightest mis-understanding could be very costly to you. It's too complicated/risky to base your planning on posts to a website.

Thanks (0)
avatar
03rd May 2012 17:00

use an accountant

[quote=Oldmanwetmix]

Sounds like you need to engage an accountant that knows about VAT to plan this carefully if you're not even sure about the VAT rate on new residential units. The slightest mis-understanding could be very costly to you. It's too complicated/risky to base your planning on posts to a website

 

even the vat man looses the plot?

 

is it  a commercial new build?

 

or a self build scheme?

 

be careful

Thanks (0)
03rd May 2012 14:50

Zero rating of new construction

You can zero rate, in principle, but, as per the previous comment, you will need to make sure that all angles are covered, so that the conditions for zero rating are properly fulfilled. You can check out Notice 708 to start with.

Thanks (0)