Have a VAT registered ltd company that works on houses mainly as a contractor (with some non CIS work). Client is looking at buying a residential property from the companies reserves (cash in the bank) with the idea of improving the property and then either selling immediately or renting and then selling at some time in the future.
If the client decides to go ahead with this I will be looking at moving them on to someone experienced in this area. However as the house they are looking at is available and they have the money in the company bank, they are wanting some information now so they can either pass or get things started.
Does anyone have experience of this and if so can you list some information to be aware of regarding VAT and Corp Tax/Accounts
I've spent hours researching online but all I can find is either commercial property, new builds, conversions, non VAT companies or just property development where the company doesn't own the property. HMRC's guidance has helped somewhat but I'm hoping a few on here can give me a clearer picture.