From 1 March 2021, the way you handle and pay VAT will look different. The new changes have been delayed numerous times, originally set to be implemented from 1 October 2019 but put on the backburner until 5 June 2020 to allow for businesses to prepare for Brexit. Nobody could have foreseen the UK entering the first national lockdown. With lockdown restrictions, HMRC extended the deadline to 1 March 2021 to allow businesses to recover from the pandemic. To find out what changes are coming read our latest guide.
You can download the full guide here
The change is intended to reduce VAT Fraud which has been highly reported in the construction sector. Suppliers have incases charged customers VAT but kept the VAT money for themselves. The idea of reverse charge is that the customer will need to pay the output VAT to HMRC directly rather than the supplier. Confused? Don’t worry, our latest guide explains all you need to know and includes the below information:
- What is the reverse charge?
- VAT in the construction sector
- What do you need to do to get ready?
If you found this useful, please share it using the icons at the side of the page, or leave a comment below.
If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant
- You can ring us on 0151 380 8080
- You can email us at firstname.lastname@example.org