VAT reverse charge is on its way for the construction industry. So what does this actually mean for your business? Due to come into force on 1 October 2020 (*Update – now delayed until 1 March 2021), it will have significant cash flow implications for those affected.
Do you know if you are affected? Are you clear who in your supply chain will be affected too? Are you ready for this significant change? Do you have any manual processes when completing your VAT return? Can you estimate the impact on cash flow?
VAT reverse charge on construction – A guide for developers & owners
VAT reverse charge on construction services – A guide for main contractors and sub contractors
Ruth Corkin has been involved with VAT for over 30 years. She is currently the Technical Chair of the VAT Practitioners Group and, as part of that role, she sits on numerous committees with HMRC representatives at a high level. Ruth is also a member of the ICAEW Tax Faculty VAT and Duties sub-committee and represents that group at the HMRC Finance Liaison Group meetings, where issues relating to financial services and insurance are aired and discussed. More recently, she was seconded part-time to the Office of Tax Simplification, where she worked on the VAT Review Project.