VAT on personal use

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Last post
1 July 2012
#1
joro
VAT on personal use

Hi all

we had problems last year and lost some of our rental payment. We have been

offered extra usage to the end of our lease as compensation. Are we liable for

VAT payments on this? The usage is instead of rental payment so I am guessing

we are.

Also can someone clarify - if we have a mortgage and other costs, does this then

get offset against our VAT payment?

thanks!
 

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2 July 2012
davey1

You will be liable to VAT on your personal useage.

When you produce your profit and loss accounts 2033 forms, you can offset costs against income.

However, the offset against VAT is a different matter. You can offset the VAT element of costs against the VAT you are due to pay. Please note you will not pay VAT on your mortgage payment.

Davey1

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