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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13973
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am renovating a property I have bought can I claim vat on

Customer Question

I am renovating a property I have bought can I claim vat on the materials even if I am not vat registered
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer. I am afraid the answer is no - but then you can claim the full cost (so the net price plus VAT) against the profits made so do not lose out of the total costs spent. This is on the assumption that this is a trade venture rather than a personal one - and also that you have or plan to made a living out of renovation of property to sell on at a profit.If this is a one off renovation then the profits will fall under the capital gain regime and then only Capital improvements are permitted (so a total replacement of a kitchen, a bathroom, central heating etc) Let me know if I can be of any further assistance with this. Thanks Sam