There’s a commercial building for sale on a main street in a town down the country that requires substantial refurbishment. It has retail units on the ground floor and some living space overhead. The sale is listed as a “joint option to tax” which means the purchaser will have to pay VAT.
What I’m wondering is if I buy the property for a business that I’ll be setting up in the next few months (i.e. company isn’t set up or registered yet):
- can I re-claim the VAT when the company is set up?
- could / should I sell the building to the company when the company is up and running?
- are there any other implications I'd need to be aware of?
Thanks in advance.
What I’m wondering is if I buy the property for a business that I’ll be setting up in the next few months (i.e. company isn’t set up or registered yet):
- can I re-claim the VAT when the company is set up?
- could / should I sell the building to the company when the company is up and running?
- are there any other implications I'd need to be aware of?
Thanks in advance.