Serviced Accommodation - What about VAT?

As a trading busines, serviced accomodation is impacted by the VAT rules. What does this mean, what do I need to include on a VAT return and are they are complications?
Let's find out on our video today.
In this video you will discover:
What period do I need to use for considering if I need to register based on the compulsory limit?
Should I register voluntarily?
What needs to go on a VAT return?
What is someone stops for more than 28 days?
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DISCLAIMER: Please be advised that the content of my media is my personal opinion and is intended FOR GENERAL INFORMATION PURPOSES ONLY, not specific tax advice. Nothing herein shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker. Making decisions on your tax position and investment decision is your own and appropriate specific targeted advice from a qualified accountant or tax advisor should be sort. The speaker will not be held responsible for any losses or gains based on decisions made following watching this video. Always do your own research and seek advice from an appropriately qualified professional.
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[@ElenaG-ty9re]

Thanks for your video! I have a question that you didn't address: my accomodation is vat registered can I claim Vat on all consumables, replacemets and renewals? like broken furniture, new sheets, cleaning products, etc.. thanks for your help!

[@kimberleyshapcottpropertytax]

As a VAT registered business you can reclaim VAT on your expenses that are related to the business. If uncertain off specific expenses then I would suggest you speak to your accountant to clarify any you are unsure of.

[@stanislavapertlikova9410]

Nice information, however it's has been very challenging to listen to it with earbuds. The intro music is so loud I had to put volume very low but then had to bring it right up to hear what you were saying. And than again the end music really hurt my ears. Please keep this in mind when creating content.
Thank you

[@kimberleyshapcottpropertytax]

Sorry about that. There are a few videos that the sound was not balanced and for that I can only apologise. Thank you for listening and I hope the content was useful.

[@andremoraes9015]

Have been able to listen to it with airpods perfectly. Thanks for the info Kimberley

[@Jordanzz00]

What VAT scheme is best when starting out? I was thinking flat rate once we hit 85k as we are found R2SA we can’t claim VAT on the rent we pay back

[@kimberleyshapcottpropertytax]

The flat rate scheme is a good option unless you are caught by the TOMS scheme. If that is the case then there is a requirement to operate this scheme. A video will be coming on the TOMS scheme in due course when we know what is happening following a recent court case which raised several questions for R2SA businesses.

[@Jordanzz00]

@@kimberleyshapcottpropertytax thanks for your reply. I’m really interested to see the outcome with TOMS as I’ve looked into it but as we are redecorating and furnishing I’m unsure if we’d be able to get away with saying we are selling on the accommodation (on a nightly basis) in the same state it was originally when we took control. I’d love to have a deeper chat about this with yourself if we could organise that?

[@kimberleyshapcottpropertytax]

@@Jordanzz00 check out our details at www.Shapcotts-accountants.co.uk and my support team can get something set up for us.

[@rustey222]

Your information is so valuable and well presented

[@kimberleyshapcottpropertytax]

Thanks. Let me know if there are any other questions you have that I can cover in a video for you.