HMRC sees the construction industry as a sector that presents a significant risk to the Exchequer. As a result, a reverse charge for building work is due to be introduced, to combat fraud. This will mean, essentially, that building contractors will not pay VAT to their sub-contractors but will account for it themselves. It is important that all affected parties familiarise themselves with the new rules before they are introduced on 1 October 2019.
How will the new reverse charge work in practice?
Source: deeksvat.co.uk
Latest Posts in "United Kingdom"
- Upper Tribunal Rules Cosmetic Treatments by Medical Professionals Can Qualify for VAT Exemption
- High Court Rules Interest Payable on VAT in Contract Dispute Settlement
- FTT Grants Late VAT Appeal Despite Rejected Review Request Arguments
- Property TOGCs Under the Microscope: Navigating VAT Conditions and HMRC Expectations
- Fintua Sponsors Indirect Taxes Annual Conference 2025 in London (Nov 12)
