Hi all,
I've got a bit of a query that I can't get my head around and hope that someone could maybe help me ?
I bought a house 10 years ago and after living in it for 5 years I rented it it out for 4 years. During this time I was employed on a PAYE basis.
However, I recently set up a business partnership as I was made redundant about a year ago. The partnership is involved with building disabled ramps.
That's the back round out of the way !!
I have personally done some work on the property and am now going to sell it. However, I have just registered for VAT and I don't know whether the house sale will be viewed as a business sale, even though it isn't anything to do with the partnership - except of course I am one of the partners ?
The reason I ask is that although the sale would be exempt of VAT, I am considering joining the VAT Flat Rate Scheme, but the Flat rate turnover includes exempt supplies and so would see me paying a lot of 'extra' VAT unnecessarily as opposed to paying VAT when not on the FRS ?
I've turned it over and over but can't seem to decide one way or the other.
Thank you,
R
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