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"
- UK Budget 2025: VAT E-Invoicing, Digital Compliance, and Post-Brexit Tax Reforms Announced
- FTT Rules HMRC Closure Notice Bars VAT Registration: Hairdresser’s Turnover Below Threshold, Appeal Allowed
- UK Tribunal Rules Self-Employed Hairdresser Not Liable for VAT Registration Under Rent-a-Chair Model
- EU Insists on VAT Representative for UK Firms Despite British Objections to Import Rules
- Mandatory B2B e-invoicing as of April 2029
