Renovation/VAT Query

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    Renovation/VAT Query

    I recently purchased a commercial property in Wakefield. The property consisted of two occupied ground floor retail units and an unoccupied first floor office. We are in the process of renovating the unoccupied office into 3 x 2 bed residential flats. I want to know if I can claim back the VAT for the cost of the renovation to the residential flats?

    #2
    Do you charge VAT to your customers? Do you declare such VAT charged? No?

    That answers your question. VAT is always paid at some point down the chain. If not paid by you, who pays it.

    Comment


      #3
      You may be in one of those situations when the builder can charge you a reduced 5% VAT for doing the conversion work. So you may need to form a separate company to act as the builder.

      You should consult a local accountancy & bookkeeping/VAT company about how to reduce the VAT.charges.

      Comment

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