[AndrewMawson]

I'm not VAT registered, my  turnover is far to small for compulsory registration, however I have a Tractor Shed about to be built on which there is a considerable amount of VAT to pay.


Should I voluntarily register for VAT in order to be able to claim the VAT back. I'd probably need to form a Limited Company and register that company.


Anyone been down this path before ? Any brambles across the path on the way?


All advice appreciated

[Womble]

You can register for VAT as a sole trader, so a limited company may not be necessary. Have you been 'trading' at all before now?

As to the technicalities of VAT reclaims, I'd suggest you go and see a farm accountant - they'll put you right, for sure.

[Old Shep]

As Womble says you can register for VAT without being a limited company.  Its not too difficult doing your quarterly VAT returns and you'll be surprised how little bits of vat add up in your claim.  A farm accountant would help but you may have a local bookkeeper who would be much cheaper.

[Womble]

I only say farm accountant because we went with a regular small business accountant, which turned out to be a mistake. Cue lots of arguments as to whether money spent on fencing or drainage was allowable as a business expense or not, for instance...... 

So, if you're choosing an accountant from scratch, you might as well pick one who already knows about farming!

[Rupert the bear]

Whenever possible  I always try to use my ex accountants checkout when shopping and hope I have lots of items that wont scan................

No , not bitter.

[bazzais]

If your registering specifically to get the VAT back - you may run into trouble (not likely)

Your not the first person to think of it.

New builds are 0 rated in terms of labour and most costs - so say your - renovating if you do register for the VAT