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Client had company and built 2 houses 2005/7. Company solt one house 2007 and paid vat on sale. He had personal loan from bank which he put into company. Bank forced him to rent out house in own name and pay them the rent. Company stopped trading in 2007. Client unable to pay company for house but company owed him more than what house was worth. Company claimed back Vat on materials for unsolt house Bank are forcing him to sell house for 120,000 and adjoining site (his own) which has no planning for 15,000. My clients only income is OAP and he has no assets
and he owes bank 200,00. He will be unable to pay difference. Solicitor want to know if Vat payable so she can inform Bank of same. Note client purchased 3 sites from Cork County Council for 40,000 each in 2005 ,
Is vat payable on house for 120,000? Company vat registration cancelled for several years.
Is site exempt from Vat?

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Asked on 6 December 2017 11:45 am