Are you ready for your VAT return?
VAT returns are an important part of every company’s annual accounts. These returns are typically paid to HMRC every 3 months, and can cause you to be fined if they are submitted incorrectly or not on time.
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A Guide to Understanding VAT?
Understanding VAT can be complicated especially if you’re a business owner. This blog includes an explanation of what VAT is, the rate of VAT and points to ensure your VAT return suffices HMRC standards. If you’re a business owner, this guide is perfect for you.
Build your own house – Reclaim the VAT from the HMRC!!
Are you thinking of building your own house? Well you can now reclaim the VAT.
You can apply to HMRC for a VAT refund on building materials and services if you are building a new home, or converting a property into a home. In order to qualify, the home must be separate and self-contained, be for you or your family to live or holiday in, and not be for business purposes (although you can use one room as a work from home office). Builders working on new buildings should zero rate their work anyway and you won’t pay any VAT on their services.