INTRODUCTION New VAT rules are due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. The new rules are called “the domestic reverse charge for supplies of building and construction services”. The new “reverse charge” system of VAT accounting will affect sub- contractors supplying their…
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VAT Reverse Charge for Construction industry Delayed until 1st October 2020
We have published a number of blogs recently about the VAT reverse charges in the construction industry. Industry representatives have raised concerns that some businesses in the construction sector are not ready to implement the VAT domestic reverse charge for building and construction on 1 October 2019. To help these businesses and give them more…
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Construction Industry and tax
All active building contractors and building subcontractors are subject to HMRC regulation. The rules they have to abide by are set out in the Construction Industry Scheme (CIS). Essentially, contractors cannot pay their subcontractors without stopping tax. Only in specific circumstances can payments be made without deduction of tax. The scheme operates a little like the PAYE system with one Continue Reading
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European Commission ventures opinion on UK economy
In March 2014 the European Commission published a report entitled Macroeconomic Imbalances United Kingdom 2014. The text includes a few observations on the UK property market that have been greeted with less than enthusiasm by the UK Government. The report includes the following introduction: “The United Kingdom continues to experience macroeconomic imbalances, which require monitoring and policy action. In particular, Continue Reading
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