Then you need this book as it explains when you can save VAT on costs and when you can claim VAT on costs from HMRC under the VAT DIY refund scheme, especially if you’re planning to do any of the common DIY projects listed below:
• Building a new dwelling for you or your family.
• Converting an existing commercial property to create a new dwelling.
• Changing the number of dwellings in a building.
• Renovating, altering or repairing a dwelling that has not been occupied for two years or longer.
• Renovating a dwelling that has not been occupied for ten years or longer.
The book also contains some information for those of you who are considering developing residential property as a business activity or holiday lets. It includes useful information about when you might have to register for VAT and an introduction to the complex rules about VAT and commercial property.
The VAT and property rules are complicated and it’s easy to make expensive mistakes when you don’t understand how they apply to your own situation. You need to do your research before you start spending any money and work out the most VAT efficient way of doing your own property development.
In this book, I’ve explained how VAT applies to the different stages of DIY property development, so that you can work out how much VAT you have to pay contractors and how much VAT you can claim from HMRC. I’ve also answered a lot of the FAQs on the subject – information that you won’t find in HMRC’s guidance and at the most cost effective price!