A question that has been asked by a client.
Pub company that has both Exempt (residential) and VATable supplies (10/90 brewers method) and so therefore a partial exemption (standard) calculation is required.
If the business converts it’s non-residential building into a qualifying residential building with the pub no longer in existence, the rate of VAT from the construction firm is 5%. As the intended supply is residential (ex vat) can the VAT on the construction be recovered in full? Likewise can the professional fees, such as legal, project manager and architect fees etc be; recovered at 20%, completely non-recoverable because of its intended future supply, or subject to the partial exemption calculation?
Any help would be appreciated
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