NFU Mutual Smallholding Insurance

Author Topic: Reclaiming VAT on new buildings  (Read 997 times)

AndrewMawson

  • Joined Jun 2009
  • East Sussex
Reclaiming VAT on new buildings
« on: June 20, 2017, 12:49:34 pm »
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
AWEM
East Sussex
Voss Electric Fence

Womble

  • Joined Mar 2009
  • Stirlingshire, Central Scotland
Re: Reclaiming VAT on new buildings
« Reply #1 on: June 20, 2017, 01:33:38 pm »
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.
"All fungi are edible. Some fungi are only edible once." -Terry Pratchett

Old Shep

  • Joined Feb 2011
  • North Yorkshire
Re: Reclaiming VAT on new buildings
« Reply #2 on: June 20, 2017, 09:01:38 pm »
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.
Helen - (used to be just Shep).  Gordon Setters, Border Collies and chief lambing assistant to BigBennyShep.

Womble

  • Joined Mar 2009
  • Stirlingshire, Central Scotland
Re: Reclaiming VAT on new buildings
« Reply #3 on: June 20, 2017, 09:36:57 pm »
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!
"All fungi are edible. Some fungi are only edible once." -Terry Pratchett

Rupert the bear

  • Joined Jun 2015
Re: Reclaiming VAT on new buildings
« Reply #4 on: June 20, 2017, 09:45:11 pm »
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:

bazzais

  • Joined Jan 2010
    • Allt Y Coed Farm and Campsite
Re: Reclaiming VAT on new buildings
« Reply #5 on: July 04, 2017, 06:34:52 pm »
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

 

Modular buildings

Started by Part time dabbler

Replies: 1
Views: 501
Last post June 22, 2018, 04:31:50 pm
by honeyend
Smallholdings and Listed Buildings

Started by asedge

Replies: 21
Views: 7557
Last post August 08, 2012, 10:09:09 pm
by deepinthewoods
Grampian Steel Buildings

Started by crofter 65

Replies: 1
Views: 1743
Last post November 22, 2014, 09:26:43 pm
by Fishyhaddock
Offgrid buildings/contents insurance?

Started by ricardodba

Replies: 6
Views: 1498
Last post January 07, 2016, 06:25:37 pm
by bazzais
Old Buildings Expert / Architect wanted, Scotland

Started by Womble

Replies: 6
Views: 2513
Last post January 12, 2012, 09:02:18 am
by Rainyplace

Forum sponsors

FibreHut Energy Helpline Thomson & Morgan Time for Paws Scottish Smallholder & Grower Festival Little Peckers

© The Accidental Smallholder Ltd 2003-2019. All rights reserved.

Design by Furness Internet

Site developed by Champion IS