The Accidental Smallholder Forum
Smallholding => Buildings & planning => Topic started by: AndrewMawson on June 20, 2017, 12:49:34 pm
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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
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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.
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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.
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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!
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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. :rant: :rant: :rant:
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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