We are two independent partnerships co-owning practice premises. We have a budget of £860,000 to modify and extend the premises.
As we are not registered for VAT, a large lump sum will go to HM Revenue & Customs. Is there any way we can minimise the VAT we have to pay? We do not exceed the registration threshold but I understand we still have the option to register.
I wonder if it would be worth it to be able to claim back the VAT on the building/project costs. What do you think?