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NEIL WARREN considers some of the practical issues facing new house builders in the difficult economic climate
KEY POINTS
- Building work on some property conversions is subject to VAT at 5%.
- Check when input tax can be reclaimed on items installed in the property.
- The de minimis test on past VAT returns.
- Deciding on which method to adopt for partial exemption.
The VAT experiences of John Smith in his different roles as accountant or chief executive at a number of different businesses have been featured in previous editions of Taxation such as VAT meets B&B Charitable tips and Charitable savings.
But John's latest challenge is his toughest yet: he has been appointed finance director of a small company that builds and sells new houses. Managing the cash of a house builder in the current economic climate is a bigger challenge than finding a happy supporter of Newcastle United FC.
But here...
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