We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Conversion and VAT issues
HugoSP
Posts: 2,467 Forumite
in Cutting tax
We have PP to convert a house incorporating a disused shop into 2 dwellings.
The shop would become part of the 2nd dwelling, which would also incorporate the garage, used by previous owners on a part commercial and part residential basis.
The other rooms to be given over to the 2nd dwelling include a large bedroom currently part of the existing house, and a room behind the shop previously converted into a kitchen.
The shop and the room behind it are on a separate title deed to the rest of the existing house. When the conversion is done changes will need to be made to each title to reflect which parts of the building belong to each title.
Could we claim VAT back for any part of the conversion, and if we can could we include materials only or would we have to claim against builders' invoices?
Many thanks
The shop would become part of the 2nd dwelling, which would also incorporate the garage, used by previous owners on a part commercial and part residential basis.
The other rooms to be given over to the 2nd dwelling include a large bedroom currently part of the existing house, and a room behind the shop previously converted into a kitchen.
The shop and the room behind it are on a separate title deed to the rest of the existing house. When the conversion is done changes will need to be made to each title to reflect which parts of the building belong to each title.
Could we claim VAT back for any part of the conversion, and if we can could we include materials only or would we have to claim against builders' invoices?
Many thanks
Behind every great man is a good woman
Beside this ordinary man is a great woman
£2 savings jar - now at £3.42:rotfl:
0
Comments
-
This is exactly the kind of question your accountant should be helping you with especially now that the profit will be taxed at 40% versus the 18% CGT rate.0
-
Thanks but it is our own house (PPR) and we have been advised that we will not have to pay CGT on it for that reason.Behind every great man is a good womanBeside this ordinary man is a great woman£2 savings jar - now at £3.42:rotfl:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards