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My client is a limited company in the building and construction field.
In March 2016 the company purchased a listed dwelling. No VAT was incurred on purchase.
It is currently 1 residential dwelling with outbuildings (all listed) Planning permission has been granted and it is currently being substantially reconstructed into 3 dwellings, The whole of the buildings have been demolished, apart from the shell and any features of heritage significance.
The reconstruction is funded via a loan, being drip fed into the business as and when needed and will be paid back on sale of dwellings.
- Money in as loans to the company I exclude from VAT Return?
- Is the VAT on the sale of the dwellings zero rated?
- Can we claim back all VAT on materials?
- Should the subcontractors be charging us at zero rated vat if the sale stands at 0% vat?
Any help would be greatly appreciated. (No 2 is the most important one to be answered)
They normally do new builds and this is far less complicated!
Thanks
GA Bookkeeping.
Edited at 13 Oct 2016 12:14 PM GMT
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