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vat new build sell or rent

vat New build rental

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As per my previous post we are building a house to sell. We are a Vat registered building company. However if the profit is minimal we may decide to rent for a couple of years instead  until we can get back the right asking price. How do we stand with the Vat I have already claimed back during the build. Also if we sell after a couple of years are we entitled to a proportion of Vat reclaim. Practically how do I action this ? Sorry lots of questions in there ! 

Replies (16)

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By lesley.barnes
15th Jun 2019 09:32

As per the advice on your previous post you need to speak to your accountants and pay them for advice. Even though they don't complete your vat returns they can still advise you based on your circumstances.

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RLI
By lionofludesch
15th Jun 2019 10:42

This is a very complex area and you need to take advice.

Apart from the zero rating, there are possible issues with partial exemption if the property is rented.

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By Accountant A
15th Jun 2019 11:20

At March 2018, your company had £150,000 in the bank.

What makes you think that you are entitled to free valuable professional advice?

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Replying to Accountant A:
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By Tax Dragon
15th Jun 2019 13:14

You're slightly missing the point, AA. I don't get paid to post in here- ever - but it's not possible to ADVISE without knowing the relevant facts. What OP have you ever known to post the relevant facts?

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Replying to Tax Dragon:
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By Accountant A
15th Jun 2019 15:51

Tax Dragon wrote:

You're slightly missing the point, AA. I don't get paid to post in here- ever - but it's not possible to ADVISE without knowing the relevant facts. What OP have you ever known to post the relevant facts?

Indeed but my specific question to the OP was why she thinks that advice from expert professionals should be available for free - any more than the houses that her company builds are given away for free.

Accountants really seem to have an image problem if people have so little regard for what we do.

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By LindaWarner
15th Jun 2019 11:33

Wow that’s heavy thanks for that. Think I better not post on this again. Thought this was exactly what this site was for. Goodbye !

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Replying to LindaWarner:
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By Accountant A
15th Jun 2019 11:41

LindaWarner wrote:

Wow that’s heavy thanks for that. Think I better not post on this again. Thought this was exactly what this site was for. Goodbye !

Really? You read:

"AccountingWEB.co.uk is the largest independent online community for accounting and finance professionals in the UK "

and interpreted that as this being a site for non-accountants wanting free professional advice??

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Replying to Accountant A:
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By LindaWarner
15th Jun 2019 14:50

My apologies. I’m surprised the site let me set up an account knowing I was not a financial professional. Perhaps they should adjust it so they only accept questions from professionals.

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Replying to LindaWarner:
RLI
By lionofludesch
15th Jun 2019 15:20

LindaWarner wrote:

My apologies. I’m surprised the site let me set up an account knowing I was not a financial professional. Perhaps they should adjust it so they only accept questions from professionals.

Oh - they knew that ?

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Replying to lionofludesch:
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By LindaWarner
15th Jun 2019 15:50

How weird they let me set up then. Don’t worry I intend to ask my accountant. Just sometimes even accountants have different views and I just wanted to make sure I was getting it right. Apologies again for using the site.

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Replying to LindaWarner:
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By JoF
16th Jun 2019 08:12

Accountants often appear to have different views as they get different parts of the story, rather than the full facts of the case.

As has been said you are working in a complex area, so if you are not confident in your Accountants abilities (its coming across that way) then consider changing or better still adding in the services of a VAT expert, such as Les Howard who responded to one of your previous threads.

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Replying to LindaWarner:
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By Accountant A
15th Jun 2019 15:56

LindaWarner wrote:

My apologies. I’m surprised the site let me set up an account knowing I was not a financial professional. Perhaps they should adjust it so they only accept questions from professionals.

The page through which you registered says:

Benefits of joining

1. Join thousands of accounting professionals

5. Ask your fellow accountants a question via our Any Answers forum

Which of those made you think that this is a site for non-accountants? Specifically, 5 says "fellow accountants" which makes it pretty clear who the target audience is.

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Replying to Accountant A:
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By LindaWarner
15th Jun 2019 17:03

True I never read any of that before posting ! They really shouldn’t allow mom professionals to sign up. Clearly by doing so I have upset a lot of people. Don’t worry I not bother anyone again.

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Replying to LindaWarner:
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By Tax Dragon
15th Jun 2019 17:47

LindaWarner wrote:

Perhaps they should adjust it so they only accept questions from professionals.

There are some sites that work on that kind of basis. This one allows most anyone in. Which, if you think about it, means that most anyone could be giving you "advice".

You have asked about a complex issue. The only sensible response would be to refer you to an advisor. That response was given. You took umbrage. No-one here has benefitted from given you the correct response.

Had someone attempted to answer otherwise, you would have been very well advised to treat that answer with scepticism. It could have been from most anyone. The real professionals respond like Lesley, Lion and AA.

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Replying to LindaWarner:
RLI
By lionofludesch
15th Jun 2019 14:56

LindaWarner wrote:
Thought this was exactly what this site was for.

No.

We answer questions but we also ask them. We sometimes benefit from advice, sometimes contribute advice.

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RLI
By lionofludesch
16th Jun 2019 10:57

Another satisfied customer. ©

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