House Build Thread As Promised
Discussion
BIGDAI said:
My understanding (at the time at least - things may have changed) is that you pay the full rate & claim it back in one job lot at the end.
Sort of right. If you use a main contractor to coordinate trades then they can invoice you at 0% vat. If you organise your own trades, if they are supplying and fitting then they invoice you at 0% vat, if you buy materials or pay for labour only then you pay the vat at the normal 20% rate but can claim it back at the end of the project once PC certificate is granted. Certain none fitted kitchen appliances are not included. A way round this is for them to be included within a fixed price building contract. I have just finished a new build, it's quite nice when choosing products then giving yourself a 20% discount straight away by deducting the vat element!
It is but the original plan was to utilise as much of of the old building as possible - it was only when we got into it we realised that most of it had to come down.
Also, given the trouble we had getting planning for a renovation, I dread to think what our chances would have been for a new build.
Also, given the trouble we had getting planning for a renovation, I dread to think what our chances would have been for a new build.
monthefish said:
Yes, but isn't that better than paying 5% on a renovation and not being able to claim it back?
Or being completely shafted and pay full vat on the lot like me!!As the extension and renovation is not a new build or a change of use according to HMRC, we don't qualify for any rebate.
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