Hi,
I am building a house, i do not have any other property. Someone told me i will be entitled to a VAT rebate on construction costs becasue i am a first time buyer. Can someone confirm this and what is the actual rebate based on??
Any replies much appreciated
Ludermor
Hi,
I am building a house, i do not have any other property. Someone told me i will be entitled to a VAT rebate on construction costs becasue i am a first time buyer. Can someone confirm this and what is the actual rebate based on??
Any replies much appreciated
Ludermor
Presumably you mean something like Rural renewal or urban renewal or similar. These schemes are now closed unless you had been granted planning permission prior to end of December 2004.
If you do that you will need to charge vat on the rental income until such time as the vat charged is equal to the level of vat claimed, in which case you can de-register.
However if you have other rental properties then you would also need to charge vat on the rental income from them also as you cannot have one property with rental income subject to VAT and another that is not.