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09-09-2019

Construction Industry: VAT Domestic Reverse Charge

Significant changes are afoot with effect from 1st October 2019 with the application of the domestic reverse charge (referred to as the reverse charge) to the collection of VAT in the building and construction industry. The changes apply to individuals or business registered for VAT in the UK (they will not apply to consumers) and will affect you if you supply or receive specified services that are reported under the Construction Industry Scheme. In essence, the customer receiving the service will have to pay the VAT due to HMRC instead of paying the supplier. 

More details can be found in the following link here. 

There is also a summary flowchart below for ease of reference: 
WHAT OUR CLIENTS SAY
“We have used Ashton Allsop as initially as our accountants and now effectively as our FD for almost two years now. During this time we have seen a significant step up in our systems, ReceiptBank and Xero for example and now have a much improved grip on the business financials - all delivered in a friendly and cost effective way. We consider Ashton Allsop to be an essential partner in our business.”


Clark Benefit Consulting Limited

"Our business was growing and our old accountants just weren’t able to offer the timely and proactive advice that we needed. Paul and Martin came highly recommended so we moved to Ashton Allsop. The difference was night and day and they had an immediate impact, they spotted issues not seen before and identified allowances we should have used from HMRC. We speak regularly, we work with them through Xero and other tools they make available and everything is made clear and understandable. We were so impressed that we’ve moved our bookkeeping and payroll and they now complete our R&D applications. They provide a fantastic service and have saved us so much time and money, whilst reducing our total accounting costs. We consider them an extension of our company and couldn’t work without them."

 

Stephen Hickey, CEO Digital Control Rooms 

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