There are many ways of reducing VAT costs for residential construction projects, yet the reliefs available are frequently overlooked or misunderstood. The 0% or 5% VAT rates can apply to construction/conversion/renovation services and building materials in a wide range of circumstances, resulting in very substantial savings. It may also be possible to reclaim VAT that has been incurred using one of the mechanisms made available by HM Revenue & Customs.
As well as benefiting the end customer, the VAT reliefs available can give businesses a commercial advantage when tendering for residential construction projects, as competitors will often be unaware of the rules and quote at the 20% rate of VAT.
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