Nessie Posted October 14 Share Posted October 14 I’m currently managing a new build with the intention of selling on upon completion. Am I correct in saying that VAT reclaim applies to all new builds, whether they’re a “self build” for living in or selling on? Thanks! Link to comment Share on other sites More sharing options...
TommoUK Posted October 15 Share Posted October 15 See VAT code 708. You need to work out if you qualify as a DIY housebuilder or a Developer. At face value it looks like you are a developer so you would want your contractors to zero rate their supplies. Link to comment Share on other sites More sharing options...
Nessie Posted October 15 Author Share Posted October 15 Thanks Tommo! I’ll have a read of that. Link to comment Share on other sites More sharing options...
Blooda Posted October 15 Share Posted October 15 Engage with an accountant [or other financial expert, ie not someone hanging around a forum 🤔] , it may be beneficial to set up a company and run the build through that. Link to comment Share on other sites More sharing options...
Nessie Posted October 16 Author Share Posted October 16 Yeah I should probably engage a tax accountant. I’ve been working on renovating period properties for the last 8/9 years and registered as a sole trader for that time. I normally handle my own accounts but it’s probably time to enlist a pro! Link to comment Share on other sites More sharing options...
joe90 Posted October 16 Share Posted October 16 I and others here have used this guy fir our VAT return, I am sure he will help you. https://www.vat431.co.uk Link to comment Share on other sites More sharing options...
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