My client Mr X bought the shares of company Y ltd last year. Y ltd is a property development company currently mid-project converting the top of an old building into a hotel. It has a long lease from a related ltd.
The previous owners hadn’t VAT registered or OTT on the building. Can Y ltd register & OTT now & reclaim the (c£300k) VAT on the spend? If there’s a special rule about not claiming pre-ref Vat on OTT, can the OTT be backdated?