We are delighted to have supported PiLON in their successful £1.5 million fundraise through Caple. … Read more
If you're a US shareholder of a controlled corporation (CFC), meaning you own more than 50% of the total value or combined voting power of a company based outside of the US, you should be aware of Global Intangible Low Taxed Income (GILTI). … Read more
Join us on Tuesday 25 February for our trustee training workshop to build understanding on how to apply digital in your charity's strategy. … Read more
130 Wood Street, London, EC2V 6DL
enquiries@buzzacott.co.uk T +44 (0)20 7556 1200
Industry representatives and tax bodies had raised concerns that many businesses in the construction sector are not ready to implement the VAT domestic reverse charge for building and construction, which was due to be implemented on 1 October 2019.
To help these businesses and give them more time to prepare, the introduction of the reverse charge has been delayed for a period of 12 months until 1 October 2020. This will also avoid the changes coinciding with Brexit.
In the intervening year, HMRC will focus additional resource on identifying and tackling existing perpetrators of the fraud. It will also work closely with the sector to raise awareness and provide additional guidance and support to make sure all businesses will be ready for the new implementation date.
HRMC recognise that some businesses will have already changed their invoices to meet the needs of the reverse charge and many not be able to easily change them back in time. Where genuine errors have occurred, HMRC will take into account the fact that the implementation date has changed.
Some businesses may have opted for monthly VAT returns ahead of the 1 October 2019 implementation date which they can reverse by using the appropriate option via their accounts on the HMRC website.
If you have any questions, or would like further advice tailored to your business, please get in touch.
.jpg&w=520&h=520&crop-to-fit)
