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VAT Domestic reverse charge for the construction industry

January 29, 2021gloverstanburyUncategorizedNo comments

The domestic reverse charge has been delayed twice by HMRC but as of 1 March 2021 it must be used for most supplies of building and construction services.  The charge applies to VAT registered businesses who are supplying/receiving services that are reported under the construction industry scheme (CIS).  If you are not VAT registered the reverse charge won’t apply to you and standard rate VAT rules apply for the supplier, so they will charge you the VAT and account for it as usual.

To make sure you are ready for this change you will need to ensure your accounting systems and software can deal with the reverse charge.  Make sure all your staff who are responsible for VAT accounting are familiar with the reverse charge and how it works.  If affected, this change will be likely to adversely impact your cashflow.

Please contact us if you require any information or assistance regarding this change.

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