Real Estate Matters Summer 2022

Construction & Real Estate

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In this issue we take a look at several issues which businesses in the construction and real estate sectors should be aware of, such as, the Impact of IR35, EPC ratings and the associated restrictions as well as UK tariffs and sanctions against Russia and Belarus, along with a whole host of other topics.

In this issue…

EPC ratings – what’s new!

Construction businesses are well versed with the Domestic reverse charge and the reasons why it was bought in – to prevent missing trader VAT fraud. However, we know that HMRC continue to actively tackle fraud in the labour provider markets. Employment businesses and labour providers are not covered by the DRC and therefore as VAT is still chargeable on the supply of staff it continues to be a risk area, both to HMRC and to businesses that become embroiled in this issue……

IR35 – one year on

IR35 has already had a significant effect on contractors in the Construction sector, contributing to a 10% fall in the number of self-employed workers, according to research conducted by IPSE in 2022. It found overall, that more than a third of freelancers have moved away from contracting since the changes came into effect in April 2021. While the pandemic and Brexit will have contributed to the fall, IR35 has certainly created a barrier for the self-employed and a risk for companies using self-employed workers; with many opting to try and avoid the risk altogether by engaging workers through payroll companies.

VAT on the Installation of Energy Saving Materials

With the focus of the world firmly on sustainability, and in the midst of global soaring energy prices, it is perhaps unsurprising that the chancellor should choose the Spring Statement to announce measures to help make homes in the UK more energy efficient. But could, and should, the chancellor have gone further?

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If there are any topics within this issue you would like further information on, please do get in touch.

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