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Posted Tue, 27 Aug 2024 22:08:00 GMT by Eric Yung
I have setup a company to purchase a commercial property and no VAT is registered at the time of the purchase. The seller of the commercial property charges 20% VAT on the purchase price. 1. Can I reclaim the 20% VAT after the transaction and after I have completed the VAT registration process? 2. How long does it take to reclaim the 20% VAT? 3. Any limitation for me to reclaim? e.g. can I reclaim the full amount? 4. The commercial property is for my own business use. Will it affect the process to reclaim? Thank you.
Posted Tue, 03 Sep 2024 09:00:19 GMT by HMRC Admin 17 Response
 
Hi.

If you incur VAT on a property which you use to make taxable supplies then you are entitled to recover the VAT as input tax
if the conditions are met below:

VAT guide (VAT Notice 700)

If you incur VAT prior to your date of registration please see the guidelines below:


10. Introduction to input tax  .

Thank you .

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