If you work within the construction industry, there are a number of online resources available to ensure that you are up to date with everything which you need to know. This includes a free course which will update you on things such as:
- Support available during coronavirus
- National Insurance contributions
- The Construction Industry Scheme (CIS)
- What records you should be keeping
- What you can claim as a business expense
- Assistance with online Self-Assessment
- Paying HMRC
- Taking on staff
- Making Tax Digital
VAT Reverse Charge Webinar
As of 1 March 2021, the domestic VAT reverse charge must be used for most supplies of building and construction services. The charge will apply to both standard and reduced-rate VAT services:
- for individuals or businesses who are registered for VAT in the UK
- reported within the Construction Industry Scheme
The reverse charge is a mechanism for accounting for VAT whereby the customer charges themselves VAT, rather than the supplier charging VAT. The domestic reverse charge is commonly used to prevent missing trader fraud i.e. the supplier will charge VAT, be paid the VAT and then ‘go missing’ before they declare it to HMRC. As the reverse charge makes it the customer’s responsibility to account for VAT there is no opportunity for the supplier to disappear without paying the VAT to HMRC.
You can register for the next live webinar where you will find out:
- if the changes affect you
- how they may impact your cashflow
- how to prepare for the change
Catch up webinar about the Construction Industry Scheme for contractors:
Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). The deductions count as advance payments towards the subcontractor’s tax and National Insurance.
Contractors are required to register for the scheme but for Subcontractors it is optional. However, please note that deductions are taken from their payments at a higher rate if they’re not registered. If you would like to watch a webinar to learn more about the CIS for contractors, click here.
If you have any questions about the content in this article please contact your usual Partner or Manager, or call us on 01942 242 245, and we will be happy to help.