Property Developers and VAT input tax
Is there anyone that can give me some clear advise.
If a property developer is converting a, what was a care home into two houses, what are the rules for claiming back VAT input tax. I keep reading the VAT notices on HMRC website and I have phoned them but not of it is in plain english.
If the finished properties are sold should the input tax have been claimed on building materials and various other costs to undertake the development.
VAT and property seems to be so confusing
From Simon Totally stressed out
If a property developer is converting a, what was a care home into two houses, what are the rules for claiming back VAT input tax. I keep reading the VAT notices on HMRC website and I have phoned them but not of it is in plain english.
If the finished properties are sold should the input tax have been claimed on building materials and various other costs to undertake the development.
VAT and property seems to be so confusing
From Simon Totally stressed out
0
Comments
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I deal with property developers on a regular basis and partial exemption VAT. However, in this case all the VAT should be reclaimable because it is a conversion. However, what I would suggest, is a straight-forward letter to HM Customs and Excise stating what you believe to be the case and letting them agree with you. That way you have their response in writing. If you need any further advice send me a pm and I will try to help.0
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