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Our business purchased some land in June 2012. We built an angling centre on it which holds our stock of fishing equipment for resale.
The land includes a river area with a healthy stock of fish for the anglers. The building was completed in February 2013 but we did not start trading until July 2013.
We paid £120 000 plus VAT for the land and £190 000 plus VAT for building costs including professional fees. We complete VAT returns on a calendar quarter basis and claimed input tax on all of the project costs. We have never opted to tax the land.
Our annual turnover has always been below the VAT registration threshold so we would like to deregister at the end of May 2021. Is this possible or will there be an input tax clawback on the land and building works?
I am also...
