Monthly Archives September 2019

U-turn on start date for construction industry reverse charge VAT welcome

HMRC has bowed to pressure and has announced a one-year delay to 2020 to the introduction of reverse charge VAT in the construction sector, due to be implemented next month after industry bodies and accounting specialists highlighted concerns about lack of preparation and the impact on businesses. We see this as a welcome move given that the evidence shows many firms were either unaware or unprepared for the move. A Federation of Master Builders (FMB) survey of around 8,000 SME construction firm members found that 69% were not aware of reverse charge VAT at all. Of those who were, 67%
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