Are You Ready?
From 1st October 2020, those working in the construction industry in the UK might have to change the way they process VAT due to the introduction of the Domestic Reverse VAT Charge.
The Domestic Reverse VAT Charge for the construction industry is an extension of the Construction Industry Scheme (CIS) and applies directly to the transactions between VAT-registered contractors and subcontractors who are registered for the CIS. The scheme means that subcontractors will require the contractor employing them to pay the VAT Directly to HMRC.
October 2020 may seem like a long time off, however it’s important to familiarise yourself with the changes on what is and isn’t included in the Domestic Reverse VAT Charge. The reverse charge may even be stated in any current contracts that have been drawn up, and IT and accounting systems may need to be updated and prepared for the impending changes.
To help you understand the adjustments, we have created a free downloadable guide where we explain everything you need to know about the Domestic Reverse VAT Charge change, its potential impact on the construction industry, and how you could be affected.
Please fill in the form to download your document.
We recently hosted a ‘What you need to know – Domestic Reverse VAT Charge’ webinar with Rob Driscoll (Director of Legal & Business ECA, SME Adviser to the Cabinet Office and Solicitor), discussing the changes in greater detail and how we can work as an industry to ensure smooth implementation.
Click here to watch the recorded Domestic Reverse VAT Charge webinar.
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