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What is the deal with VAT?

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  • What is the deal with VAT?

    I bought a plot of land to build a house and was told by accountants to do it as a company and Claim VAT on all the input costs. How is this going to effect me?.

    If I spend on materials and paid 17.5% and when I sell I can only claim 15%.

    I would ask my accountant but he wants £100 and hour for advice!

  • #2
    You claim back VAT at the rate paid - the 15% only applies to purchases after Dec 1st.


    • #3
      If your accountant is VAT-registered, you'll only be paying him £86.96 per hour - you'll be able to claim the difference as 15% output tax.....

      and it should be a deductible on your company tax return ....

      and if you're in doubt about questions such as this, it might be worth hiring him or one of his profession, even at £100 per hour