VAT Query
crispy
Registered Posts: 467 Dedicated contributor 🦉
Hello,
I wonder if anyone can give any advise on a VAT query,
I have a family friend who has engaged in buying and developing residential properties in order to sell at a profit (they are not incorporated). They have also brought some land towards hopefully buidling and selling residential properties on. Since starting trade they have received a large number of Invoices for building materials / professional fees etc. and wondered if they can register and reclaim any VAT? And also if they can whether there was any restriction on how far back the Invoices are dated?
Any feedback would be great. Thank you :thumbup1:
I wonder if anyone can give any advise on a VAT query,
I have a family friend who has engaged in buying and developing residential properties in order to sell at a profit (they are not incorporated). They have also brought some land towards hopefully buidling and selling residential properties on. Since starting trade they have received a large number of Invoices for building materials / professional fees etc. and wondered if they can register and reclaim any VAT? And also if they can whether there was any restriction on how far back the Invoices are dated?
Any feedback would be great. Thank you :thumbup1:
0
Comments
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Crispy
Try this link to Notice 719 VAT Refunds for 'do-it-yourself' builders and converters on the MHR&C website
http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_ShowContent&id=HMCE_CL_000150&propertyType=document
Poodle0 -
HMR&C of course:blushing:0
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Thanks for that, I'll print it off and have a look through..
Will also have a look at the MHR&C website- just for good measure :tongue_smilie:0 -
If they are actually trading then you could look at 708 as well0
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Hi,
Thanks again for your reply, I can print off this document.
I have finished aat and have had jobs over previous 5/6 years where I have completed VAT returns and even survived VAT inspections unscathed, but never in construction industry. I guess the best advice I can give is seek the advice of a professional (unfortunately this is not me :001_unsure:) although would be happy to help complete any forms once I know what I am doing.0
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