Self-builders Failing to Claim VAT

The amount of unclaimed tax left by self-builders in HMRC’S pot could be enough to fund one new building project for nearly every day of the year, the latest figures show*. HMRC is potentially benefiting to the tune of £109million, as 28% of UK housebuilders are not reclaiming the VAT on their projects, after spending an average of £305,943 per dwelling (excluding land). “It is possible that self-builders are not aware of this option,” says HB&R’S Jason Orme. “Self-builders can successfully reclaim their VAT by following the guidance issued through HMRC form 431NB.”