The VAT reverse charge for construction is effectively an extension of the Construction Industry Scheme (CIS) and applies only to transactions that are reported under CIS and are between VAT-registered contractors and sub-contractors. The scheme means that those supplying construction services to a VAT-registered customer will no longer have to account for the VAT. Instead, the customer will account … Read more
How to pay VAT payments deferred between 20th March and 30th June 2020. You can pay now or get ready to join the VAT deferral new payment scheme. If you deferred VAT payments due between 20th March and 30th June 2020 and still have payments to make, you can: pay the deferred VAT in full, … Read more
How to pay VAT payments deferred between 20 March and 30 June 2020. If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can: pay the deferred VAT in full on or before 31 March 2021 opt in to the VAT deferral new payment scheme when it … Read more
HMRC has written to all VAT-registered businesses in Great Britain who trade with the EU and/or the rest of the world. The letters highlight what they need to do to prepare for the UK’s exit from the EU at the end of this year. The letters point out that the actions required to ensure they … Read more
Further support for hospitality and accommodation businesses in the form of reduced VAT. The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: hospitality hotel and holiday accommodation admissions to certain attractions The temporary reduced rate will apply … Read more
HMRC has announced a five-month delay to the introduction of the VAT reverse charge for construction services, due to the impact of the coronavirus pandemic. The new rules mark a complete overhaul of the way VAT is payable on building and construction invoices, as part of moves to reduce fraud in the sector. Under the … Read more
Payment dates to HMRC changed due to COVID-19 With the outbreak of COVID-19 gripping the nation HMRC have announced some changes to the payment dates for VAT and Self-assessment. I would like to take this opportunity to clarify that although there has been a change to the payment deadlines the returns still have to be … Read more
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by the Coronavirus. This includes a package of measures to support businesses including: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments a Statutory Sick Pay relief … Read more
The aim of the Coronavirus job retention scheme is to avoid people losing their jobs altogether, the government will reimburse 80% of the wage costs of “furloughed workers”, ie workers who are sent home and do not do any further work for the organisation. All UK employers, including charitable or non-profits, are eligible. Employers need … Read more
The domestic reverse charge is a major change to the way VAT is collected in the building and construction industry. Coming into effect on 1 October, 2020 it will mean the customer receiving the service should pay the VAT due to HMRC not the supplier. It will only apply to individuals or businesses registered for … Read more
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