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Opting to tax form 161

My client is vat registered and bought an industrial unit and been charged vat.

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My client is vat registered and bought an industrial unit and has been charged vat , we reclaimed on the vat return but hmit say they want to see vat 161 form and out option to tax in order to reclaim, is this correct? We have been advised to complete the form today .

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By Accountant A
07th Oct 2019 12:14

Have you looked at the HMRC VAT guidance and Notices?

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By Wanderer
07th Oct 2019 12:56

J accountant wrote:

... vat 161 form and out option to tax in order to reclaim, is this correct? We have been advised to complete the form today .

Possibly correct, but a good chance incorrect. Much depends what your client is doing with it and easy to make a (sometimes expensive) mistake.
Have a read of the guidance suggested and come back with more specific information and queries.
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By Ruddles
07th Oct 2019 13:57

Does anyone know who hmit are, or what a form 161 is?

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By Bob Loblaw
07th Oct 2019 14:50

Yes.

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chips_at_mattersey
By Les Howard
07th Oct 2019 14:03

You are not required to opt to tax if you will use the industrial unit in your own taxable business.
Do have a specialist look at the correspondence.

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RLI
By lionofludesch
07th Oct 2019 15:02

Is this building to be used in your own business or are you renting it out ?

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