VAT – The New Reverse Charge on Building and Construction

If you are a VAT registered CIS (Construction Industry Scheme) contractor or subcontractor, the way you deal with VAT is changing from 1 October 2019.  Under the new rules, you will not charge VAT to your customers, therefore will not receive payment of the VAT, and will not pay the VAT to HMRC.  It will… Continue reading VAT – The New Reverse Charge on Building and Construction

VAT Domestic Reverse Charge for Building and Construction Services

From 1 October 2019 a new VAT reverse charge comes into effect for building and construction services, where payments are required to be reported under the Construction Industry Scheme.  Broadly it means that when a business receives a supply of building and construction services for onward sale, the recipient of the services (the contractor) accounts… Continue reading VAT Domestic Reverse Charge for Building and Construction Services

PLANNING OPPORTUNITY FOR CORPORATION PURPOSES

The main rate of corporation tax is set to reduce from 19% to 17% from 1 April 2020 and The 100% annual investment allowance on capital expenditure has increased from £200,000 to £1 million from 1 January 2019 until 31 December 2020 on all qualifying expenditure. As a result, there are opportunities to make permanent… Continue reading PLANNING OPPORTUNITY FOR CORPORATION PURPOSES