From the 1stMarch 2021, the new “VAT reverse charge for building and construction services” system will become effective.
Although this VAT change has been spoken about previously, it is important to appreciate that it will require bookkeeping/invoicing changes and staff training. The new system will also impact cash-flow, and it may result in your business switching to monthly VAT returns. ad+ can help you with all aspects of this new system.
In essence, the final customer within the construction industry chain will pay VAT direct to HMRC, not to the supplier.
Numerous requirements and exclusions apply to the operation of this new scheme, and so ad+ plan to run an informative webinar during January 2021. We will issue invites in the near future.