Sweeping VAT changes to hit the Construction Sector – prepare now!

Construction & Real Estate, Tax, VAT

On October 1st 2019 HM Revenue and Customs (HMRC) are introducing one of the most significant changes to how VAT is applied to construction services in 30 years.

From that date, contractors in a chain of supply will cease to collect VAT from other contractors. In its place a reverse charge system will apply. This makes the buyer of a construction service liable for VAT accounting in place of the supplier.

To read the full Focus On Sheet, please click the below link.

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Construction & Real Estate, Tax, VAT