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Guest
Bought two properties both in the same development.
1st property bought as an investment property and treated it as a commerical property.
2nd property bought six months later which was to be residence and paid approx €20k more than first.
Decided to live in first property and rent second property.
Set up a lease to rent out first property but in reality it is the second property that is leased. Both properties are opposite each other and it would suit if I did not have to move to the 2nd property
I am registered for Vat and I hope to be able to claim the Vat on the first purchase soon. I am afraid that the Revenue may come and inspect the properties.
Can I contuine with this situation or do I need to take corrective action and if so what do I need to do
1st property bought as an investment property and treated it as a commerical property.
2nd property bought six months later which was to be residence and paid approx €20k more than first.
Decided to live in first property and rent second property.
Set up a lease to rent out first property but in reality it is the second property that is leased. Both properties are opposite each other and it would suit if I did not have to move to the 2nd property
I am registered for Vat and I hope to be able to claim the Vat on the first purchase soon. I am afraid that the Revenue may come and inspect the properties.
Can I contuine with this situation or do I need to take corrective action and if so what do I need to do