New Years Tax Tip
5 January 2011

With the increase in VAT it is surely worth noting that if you convert a commercial property into a residential one, increase or decrease the number of residential units in an existing dwelling or renovate a house that hasn’t been lived in for at least two years you qualify for a reduced VAT rate to a pre increase rate of 5%.

To achieve the reduction it is recommended to buy all your materials through your builder and ask the builder to reduce the VAT when the builder invoices you for the work. Naturally when builders are asked to carry out conversion work it is necessary for them to be satisfied that chapters 7 & 8 of VAT Notice 708 apply otherwise if not applicable to the work in hand the builder would be responsible for any shortfall to the VAT man! However the Taxman’s advice is clear so it should be sufficient to put your builder’s mind at rest.

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