Are you crossing your fingers and toes that Reverse Charge will be delayed?
Tax specialist, Liz Bridge, says it will not – we are now too close to the start date and far too much money has been spent to enable the change. So the question now is – are you ready?
Are your subcontractors living with their heads in the sand? Should you warn them? If you do not prepare you may find your cash-flow just isn’t flowing at all.
From March 31st, those working in the construction sector may have to pay their VAT differently, with the introduction of the ‘VAT domestic reverse charge’, a scheme which will see those supplying construction services to a customer who is VAT registered, no longer having to account for the VAT.
NFDC hosted Tax Talks mini seminar on 18th February with expert Liz Bridge will show attendees what reverse charge will do to your cash flow, why you may need to register to make monthly VAT returns, who you can invoice for VAT and who will not pay VAT after 1.2.2021.