Many farming families are faced with trying to build new houses on
the family farm to accommodate the younger generation. If you are
in this position, please consider tax planning at the same time as
obtaining planning permission!
• If building a new home or converting a building into a place to live
you may be able to reclaim the VAT you pay on some of the
building materials and conversion services.
• This is often done by making a separate claim within 3 months of
completion. It is essential to keep all VAT invoices.
• Review any capital allowances available once the new house is
complete to assess whether expenditure qualifies for tax relief.
It is important to discuss this with your professional tax adviser to
review your individual circumstances.
For further information about our services please contact:
Jonathan Crowther FCA
Pershore (01386 552644) or Ledbury (01531 631500)