Vat on Professional Fees

Torres999

I recently sold a property and eventhough I am VAT registered there was no VAT charged on the sale. Can I still recover the VAT on auctioneer and accounting fees?

AnneFrank

You should get an f45 and claim back from revenue, 20%

exaisle

AnneFrank wrote: »

You should get an f45 and claim back from revenue, 20%

Maybe I'm missing something, but why should an auctioneer deduct PSWT? I don't think it applies here......it's normally deducted by government bodies, local authorities, health insurers etc. Are you perhaps confusing RCT and PWST?

I'm assuming that the property sold was a business asset?
Whether or not OP is VAT registered, the auctioneer may not be...if they're not doing a lot of business...(unlikely, I know).

Torres999

We sold a personal property in vacant possession but I am personally registered for VAT.

I received an invoice with VAT. Can I claim VAT on purchases for this invoice.

exaisle

Torres999 wrote: »

We sold a personal property in vacant possession but I am personally registered for VAT.

I received an invoice with VAT. Can I claim VAT on purchases for this invoice.

If the property you sold was an asset of the business for which you're registered for VAT, then yes, I think so.

If VAT was being charged on the rent you were receiving (if you were renting it out) then yes, I think so.

But if you're VAT registered, I'm assuming that you have an accountant. This is a question for him/her.

Lockedout2

If the sale was exempt then you are not entitled to recover the VAT on the associated costs.

ThumbTaxed

No