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
-
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
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 318 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 87 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership