Do You Return Zero Vat Receipts?
Posted 31 July 2015 - 10:30 AM
Just wondering how things go when claiming VAT return.
For example if i was to order materials from ROI and use and NI VAT number the import would have a Zero VAT rate.
Do you then need to send these receipts the HMRC when claiming you VAT refund? Or do you only send back receipts that have VAT payable?
Posted 31 July 2015 - 10:42 AM
However your question implies you have a VAT registered company? My understanding (I might be wrong) is that if the company buys materials and "sells" them to you that company should charge you VAT at 20%. You then reclaim that 20% VAT from the HMRC using the self build reclaim scheme. If the company just gives you the materials then there might be tax issues nothing to do with self building. Would the free materials be treated as a loan or a dividend?
Note that the HMRC Self Build reclaim scheme is only open to people building a house to live in themselves, eg It can't be used by a company building a house to sell to you or a third party.
Edited by temp, 31 July 2015 - 10:42 AM.
Posted 31 July 2015 - 10:47 AM
You only need to send receipts for items that you wish to reclaim VAT on. If no VAT was paid then there is nothing to claim on that item.
However the receipt in this case wouldn't be in your name it would be in the VAT registered company name so even if VAT was paid the receipt probably wouldn't meet the conditions of the reclaim scheme.
Posted 31 July 2015 - 10:52 AM
Being a self build that will be lived in by me does it not sure make paying VAT, then claiming it back a big waste of time and paperwork?
Posted 31 July 2015 - 11:06 AM
Posted 31 July 2015 - 11:24 AM
Posted 31 July 2015 - 11:42 AM
Posted 31 July 2015 - 03:46 PM
It strikes me it would be very unwise to send HMRC such a receipt. It amounts to a VAT registered company selling you stuff without charging you VAT.