There are multiple instances where VAT can be reduced if certain criteria are met. If you are a builder operating in the UK, then you may be eligible to pay a different VAT rate. Normally, VAT is charged at 20%, but there are significant exceptions for building projects where there are certain circumstances involved. In some cases, the standard rate can be reduced to 0%, such as building projects involving new builds. There are also opportunities to reduce VAT to 5% for certain projects, like renovations on empty homes and converting a building for a different use.
ACCOUNTANCY SUPPORT FOR VAT ON BUILDERS
It can very difficult to know when and if you are eligible for a VAT reduction, and then how to register for it. Reduced or zero rate VAT on building products can save a considerable amount of money, especially when you enlist a trained accountant to review your business projects. At The Accountancy Solutions, our professional accountants are highly experienced in all areas of VAT for builders, and can assist in areas that include:
Registering for VAT as a builder can be very beneficial, with the right assistance. From large construction projects to domestic improvements, there are a number of reasons why you could be eligible for a lower rate of VAT. However, many businesses struggle to register for the reductions owed to them. Our expert accountants at The Accountancy Solutions, are on hand to walk you through every step of the process. Helping you to see where you are eligible for a reduced or zero rate, and how to register for the reduction.