Hello,
I am setting up a small, one bed holiday cottage for full time, commercial use. Please can someone tell me if you can reclaim the VAT paid on goods and services purchased for use in your holiday let business? For example, Plus Net seem happy to provide me with either ordinary or business broadband, informing me the only real difference is how I want to be invoiced i.e whether I want be able to claim the VAT back.
Advice much appreciated!
Many thanks,
May
Reclaiming VAT on purchases and services
You can only claim back VAT if you are VAT registered.
You need to register if your turnover is £85K. You can register voluntarily but then you'd need to add VAT to your prices and complete regular VAT returns
If this is your only business the downsides completely outweigh the tiny VAT savings you'd make. Having to charge VAT on your prices will make you much more expensive for guests than those of us who take great care not to have to VAT register.
If you have other business interests it can get complicated so in that case you should take an accountants advice.
You need to register if your turnover is £85K. You can register voluntarily but then you'd need to add VAT to your prices and complete regular VAT returns
If this is your only business the downsides completely outweigh the tiny VAT savings you'd make. Having to charge VAT on your prices will make you much more expensive for guests than those of us who take great care not to have to VAT register.
If you have other business interests it can get complicated so in that case you should take an accountants advice.
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All excellent advice - we have the T Shirt!Cymraes wrote:You can only claim back VAT if you are VAT registered.
You need to register if your turnover is £85K. You can register voluntarily but then you'd need to add VAT to your prices and complete regular VAT returns
If this is your only business the downsides completely outweigh the tiny VAT savings you'd make. Having to charge VAT on your prices will make you much more expensive for guests than those of us who take great care not to have to VAT register.
If you have other business interests it can get complicated so in that case you should take an accountants advice.