HMRC See Sense…For Now!

Domestic Reverse Charge VAT for Construction Services

The introduction of the domestic reverse charge for construction services will be delayed for a period of 12 months until 1 October 2020.

A domestic reverse charge means the UK customer who get supplies of construction services must account for the VAT due on these supplies on their VAT return rather than the UK supplier.

This removes the scope for fraudsters to steal the VAT due to HMRC and follows similar measures introduced in response to criminal threats for mobile telephones, computer chips, emissions allowances, gas and electricity, telecommunication services and renewable energy certificates.

Further details can be found at https://www.gov.uk/government/publications/revenue-and-customs-brief-10-2019-domestic-reverse-charge-vat-for-construction-services-delay-in-implementation/revenue-and-customs-brief-10-2019-domestic-reverse-charge-vat-for-construction-services-delay-in-implementation

 

 

Making Tax Digital

Making Tax Digital

The countdown is on!

The countdown is on until the UK Government’s digital tax reporting system, Making Tax Digital (MTD), opens for VAT registered businesses on 1st April 2019.

All VAT registered businesses with a turnover above the current VAT threshold of £85k, will be legally required to keep digital records and submit their VAT returns using MTD compliant software.

Is your business ready for this change?  Contact us at TSBS and we’ll happily discuss your requirements.

This document from Sage gives a full explanation of what’s required.

Copyright Teresa Smith Bookkeeping Services 2018