One of our?clients was converting an old office building into flats and asked us whether there were any top tax tips we could give her.? She had done her research and was pretty clued up, but she nearly missed out on a big VAT saving.
Where you convert commercial property into a dwelling, or renovate a house etc, that’s been empty for at least two years, a 5% VAT rate applies, e.g, if you paid standard VAT (17.5%) of ?7,000 on materials you can get back ?5,000.? Do this by asking your builder to buy the materials and pass the VAT saving on to you.
Further further information or assistance please contact us on 020 8971 4999
Posted in ASR News