Value added tax (VAT) could count for 20% of the budget on a self-build project, but it’s possible that you could reclaim most of that money back from HMRC once the build is completed. However, there is plenty to remember before you can get back the money due to you. Here, I will focus on what you need to know and how to ensure everything is in place to reclaim the VAT on a new self-build project — achieved through what is known as a VAT431NB form.
Is Your Project Eligible?
To be eligible for VAT reclaim a project has to create a new dwelling in its own right, so the majority of new build projects will fall into this bracket. Extensions, refurbishments and annexes, for example, do not create…
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Homebuilding & Renovating (Digital) - 1 Issue, June 2018