Property Taxes updated – June 2020

Hillier Hopkins LLP

Chartered Accountants & Tax Advisers

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The property market came to a grinding halt while the UK followed the Government’s lockdown procedures. The move from ‘Stay at Home’ to ‘Stay Alert’ has allowed a sigh of relief as this has meant that the property and construction sector has started to move but how the future looks for the sector is uncertain.

Domestic Reverse Charge

The Domestic Reverse Charge (“DRC”) should be coming into force on 1 October 2020 for the construction industry, however there are rumours that it may be delayed due to COVID-19. A reverse charge is an anti-fraud measure and is designed to ensure that a supplier does not charge VAT and then fails to account for it to HMRC. The introduction of the reverse charge in the construction industry is a result of perceived widespread fraud in this sector.

Assistance

Navigating around the different taxes can be a difficult task. If you would like to discuss your current situation or find out more information about one of the topics mentioned above, please contact one of our team who will be happy to assist you.

Do you need extra information?
Natasha Heron

Natasha is a member of the ICAEW as a qualified auditor and the Chartered Institute of Taxation, specialising in indirect taxes. Natasha has developed a specialism as an adviser on the Stamp Duty Land Tax implications of property transactions.

Contact Natasha at Natasha.Heron@hhllp.co.uk or on 01923 634460