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Commercial property reclaiming tax
Dollylediva
Posts: 1 Newbie
Trying to find out if as I’m self employed if I buy a property at auction which is plus vat can I claim the vat back? I’ve not registered for vat as I’ve never been a high earner (15k) is there a lot involved?
We are currently without a house and I have only a caravan to do my work in so I’m thinking if I buy it I have rooms to do the work in.... then the plan would be to apply to turn it back into residential....
0
Comments
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No, a non-VAT-reg trader can never reclaim VAT. That's one of the reasons you may wish to register even if you're below the compulsory registration threshold.
That apart, is this actually a business purchase? If it is, then if you lived in it, the business would be your landlord, with all the legal rights and responsibilities, and you would need to pay a fair market rent or pay benefit-in-kind income tax.1
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