Vat on residential property
Client is a company that lets out residential properties.
They want to buy a property now decorate it and let it out.
In future they have plans to renovate it and add an extention, and then sell it or continue letting it out.
They want to register for VAT now so they can claim the Vat on decorating/building expenses. From what I know they would not be able to reclaim the vat as this is an existing residential property, so it would not be worth registering.
I would be grateful if someone could confirm my understanding.
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