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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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During May 2015 I purchased a Fully Furnished Holiday Lodge

Resolved Question:

During May 2015 I purchased a Fully Furnished Holiday Lodge this is being let out. I complete annual tax returns for the UK but I reside outside the UK and have done for over 15 years. The annual returns are required as I have a furnished property with my husband that we let out.
Should I / can I registered to be a business for VAT purposes for the Furnished Holiday lodge?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and please to be able to assist you with your question. There is no requirement to register for UK VAT unless the turnover exceeds or approaches 82K in any one year. Below the turnover threshold you do not need to account for VAT. You can register voluntarily. This enables you to reclaim input tax, but at the penalty of having to charge VAT on lettings which increases the cost to your customers by 20%, involves you in accounting for the tax and making quarterly returns. I do hope that I have shed some light on this matter for you..
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.
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