Self employed builder – bought house to renovate and sell on for a profit?
Thursday, January 28th, 2010 at
10:57 am
Can I claim the input vat on the materials I purchase for the renovation ? Can I claim inpt tax on the purchase ? Do I pay output tax on the sale proceeds ?
Sell and Rent Back
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Tagged with: Proceeds • Renovation • Self Employed • Vat
Filed under: property renovation
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since it is for profit,no but if you were to put an account ,for mr smith,,,,yes
No you can’t, unless you are creating a new dwelling by splitting or converting to flats. In this case the supply by you would be zero rated and you wouldn’t charge any output tax.