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VAT Domestic Reverse Charge for the CIS Update

From 1st March 2021, the Domestic Reverse Charge must be used for most supplies of building and construction services. The new rules apply to:- Services reported under the Construction Industry Scheme Individuals and businesses that are VAT registered in the UK and where VAT is chargeable at 20% or 5% The reverse charge does not […]

Read more March 24th, 2021

Domestic Reverse Charge For CIS VAT Codes For QuickBooks Users

Following HMRC’s introduction of the new rules from 1 March 2021, QuickBooks have now updated their processes so you only need to have VAT activated on QuickBooks to be able to access the new VAT codes. You do not need CIS Tax activated as well. You will need to activate the new VAT codes as […]

Read more March 12th, 2021

Domestic Reverse Charge For The Construction Industry Scheme VAT Codes To Use

The new VAT rules for HMRC’s Domestic Reverse Charge for the Construction Industry Scheme comes into effect on 1 March 2021. If you are using software to prepare your bookkeeping, you will need to use new VAT codes to account for these transactions. The new VAT codes can be found as follows:- Sage Line 50 […]

Read more February 24th, 2021

New VAT Rules For Construction Sector

New VAT rules are finally due to come into effect 1 March 2021 which will impact on accounting for VAT for transactions in the construction sector. These new rules, which were originally scheduled to start back in October 2019, have already been delayed twice as there was a lack of awareness of the changes in […]

Read more January 14th, 2021

New Guidance Launched On Going Back To Work

The Government has published guidance for employers to help them get their businesses back up and running and workplaces operating safely. New ‘COVID-19 secure’ guidelines are available to UK employers to help them get their businesses back up and running and workplaces operating as safely as possible. The government has consulted approximately 250 stakeholders in […]

Read more May 12th, 2020

The 5% VAT Rules And Reduced Rate VAT Eligibility Criteria

Firstly, to start with a common misconception, the 5% VAT rule does not mean that you can reclaim 15% VAT. Let’s start at the beginning and explain where the 5% VAT rate comes into play. You can utilise the 5% or reduced VAT rate in two situations: The conversion of premises to a different residential […]

Read more January 20th, 2020

Builders’ VAT Rules Delayed For A Year

The government have decided to delay the start of the proposed VAT reverse charge for supplies by sub-contractors in the construction sector. The reason for the u-turn is the lack of awareness of the change that was originally due to start on 1 October 2019. Many sub-contractors, and some main contractors, were not prepared for […]

Read more October 3rd, 2019

New VAT Rules For The Construction Sector

Under new rules due to come in on 1 October 2019 builders, subcontractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. With these new rules, supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain will not be invoiced […]

Read more July 10th, 2019

CIS – What Is It And Will I Need To Register?

We have spoken to a number of clients and potential clients over the last couple of months who have been looking at developing or putting up a new build on the land of a property that has been purchased. Therefore, we wanted to briefly cover the Construction Industry Scheme (CIS). What is it and when […]

Read more October 2nd, 2018

A New Look For Construction Production

The EU have introduced new legislation, the Construction Products Regulation 2013, which came into force on July 1st 2013. This has been introduced to transpose the EU legislation into UK Law, this legislation will affect the marketing and accreditation of construction products. If you purchase construction materials or equipment you should now find there is […]

Read more July 19th, 2013

Missing CIS Vouchers

We remind construction companies of their responsibility to maintain adequate records in respect of CIS deductions made by contractors from payments they receive and CIS deductions made by them from payments made to sub-contractors. There have been a number of instances each year where we have had to contact HMRC on behalf of clients for […]

Read more November 12th, 2010