Construction industry VAT reverse charge – download the full details here
With less than 1 month to go until the the new construction industry vat reverse charge rules come in to play, be sure you’re fully aware of the rules. In order to counteract fraud in the industry, the new reverse charge mechanism is being introduced so that the contractor rather than the sub-contractor accounts for VAT. The assumption is that contractors will be larger and more likely to be compliant and as a result, it is less likely that VAT will be lost as a result of sub-contractors being paid VAT and then disappearing without paying it over to HMRC.
If you’re in the construction industry then it is likely this affects you, so be sure you’re aware of the facts. You can download the full details here and of course, don’t hesitate to get in touch, should you have any questions.
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