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I have a question regarding when reduced rates of VAT can be

Customer Question

I have a question regarding when reduced rates of VAT can be applied to building projects.
Under which circumstances can the reduced rate of VAT (5%) be applied to a building project when a previously unused loft-space is converted to living space. How does one go about reclaiming when the regular rate (20%) has already been paid.
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
Here is a summary of when 5% VAT may be applied to building projects from the Gov UK web site:
'Reduced rate VAT
You may be able to charge the reduced rate of 5% for some types of work if it meets certain conditions, including:
Installing energy saving products and certain work for people over 60
Converting a building into a house or flats or from one residential use to another,
Renovating an empty house or flat
Home improvements to a domestic property on the Isle of Man.'
Full details may be found here:
https://www.gov.uk/vat-builders/houses-flats
You cannot 'reclaim' as such. You could issue a revised invoice cancelling the old and refunding the customer.the over paid tax. The balancing item would come back with the next quarterly return.
I do hope I have helped you with your question.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3114
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.

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