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VAT REVERSE CHARGE IMPORTANT UPDATE FOR THE CONSTRUCTION INDUSTRY

From 1st October 2019 HMRC will implement the new reverse charge system for VAT accounting within the construction sector.

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Do you know the difference between the tax implications of repairs vs improvements?

Choosing the right heading for expenditure on buildings can be tricky. For accounting and tax purposes expenditure on repairs of buildings is fully deductible from profit. Whereas expenditure on improving buildings should be recorded as an increase in value of the asset.

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Implications of supplying uniforms to staff

The basic tax rule is that assets given or lent to employees wholly or partly for private use count as a benefit in kind (BIK). This includes clothing provided to employees. The good news is that in some circumstances the law or HMRC practice exempts them from liability.

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VAT Reverse Charge Changes – Construction Industry

With a major shake-up in the treatment of VAT in respect of building work is imminent – our Senior VAT Manager, Carolyn Van Hecke, highlights the implications for those in the construction industry and why it has never been so important to apply the correct VAT treatment.

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HMRC release tax gap figures

According to HMRC figures released towards the end of June 2019, the amount of uncollected tax hit £35bn for the year 2017-18 (up by 17% since 2015-16). This is the highest shortfall recorded since the gap was first published in 2008.

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