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Showing results for tags 'supply and fit'.
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The Problem: Does HMRC formally regard a building as Complete after a successful VAT reclaim? If HMRC does regard it as Complete, then a company engaged on Supply and Fit (after the successful reclaim) , cannot 0 rate the VAT But if it doesn't, then a company engaged on a Supply and Fit basis can work without charging VAT We've successfully reclaimed our VAT. Because VAT431NB (section 3) doesn't give any guidance on the matter, I rang the HMRC helpline. Their answer was that the question was one that should be answered by the supplier. I asked where the supplier should get their guidance on the matter. The answer was that guidance was to be found in Section 3 of VAT431NB. A slightly different way of asking the same question is; Does a newbuild have two Completion states - one defined by the HMRC, and another by BCOs ?