Claiming back VAT on a rented unit
Discussion
I want to rent out a unit to store and work on some classic cars. I'll mostly do my own work but maybe a little for other people in time.
If i set up a limited company to rent the unit, register for VAT will I then be able to claim back from HMRC any VAT I pay on rent and bills?
Could I claim back the VAT on any tools and equipment for "the business" ?
Would it be ok to store my own cars in the unit or would the business have to charge me personally for this, if so could a nominal fee be charged?
Thanks for any advice
If i set up a limited company to rent the unit, register for VAT will I then be able to claim back from HMRC any VAT I pay on rent and bills?
Could I claim back the VAT on any tools and equipment for "the business" ?
Would it be ok to store my own cars in the unit or would the business have to charge me personally for this, if so could a nominal fee be charged?
Thanks for any advice
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