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Building conversion, letting and VAT recovery
In September 2013 my clients purchased a building and VAT was paid on the purchase price. After a long planning process they have recently started to convert the building into five apartments but they will retain a retail section on the ground floor high street facing shop.
When the clients purchased the building the VAT office advised us that they would have up to two years to claim back the VAT. However we would appreciate advice on the implications of VAT regulations and requirements.
We would like to be able to efficiently recover any VAT for our clients that we can; however we do not want to end up with a position where the rental income from the flats is VATable.
Finally what is the situation about paying VAT to builders? Will it be at 20%?
Query 18 611 – Convert
