Reverse VAT – Free Seminar

Reverse VAT – Free Seminar

Haslers HQ,

6:00pm – 8:00pm

Wednesday 3rd July 2019

Contractors and sub-contractors need to start preparing for VAT reverse charge accounting

The implementation date for reverse charge VAT accounting in the construction sector is fast approaching. Main contractors and sub-contractors affected by the change need to understand what this means and to start preparing now, ready for its implementation on October 1st. The domestic reverse charge (DRC), as it is known, is not new but it is new to the construction sector and its impact is far reaching. It means that businesses in the construction supply chain will not be paid VAT on the services they supply. Their customer, the next contractor in the supply chain, will account for this VAT instead, as a DRC.

By way of an example, a drylining contractor working for a main contractor on a commercial new-build site, will invoice for their work plus 20% VAT, but the contractor will not pay over the VAT. Instead, the main contractor will account for this VAT to HMRC, as a DRC, which means accounting for output tax (payable) and input tax (repayable) on the same VAT return, resulting in nil net tax due to HMRC.

Haslers VAT expert – Debra Dougal will be discussing how to prepare for the implementation of Reverse VAT and how it will impact building contractors and sub-contractors at a Reverse VAT seminar.

Click to book your free ticket today.