Guidance for compliance with the new construction contractor and sub-contractor requirements
The way HMRC collects VAT from construction firms has changed.
On 1 March 2021, the VAT reverse charge for building and construction services came into force.
The aim is to tackle VAT fraud in the construction industry, specifically missing trader fraud, by making it the responsibility of the contractor or receiving sub-contractor to account to HMRC for VAT on applicable transactions.
In this e-book we take a look at the accounting implications for getting the domestic reverse charge correct, with a special regard to completing VAT Returns. We also look at how compliant VAT Returns can be submitted using Sage Business Cloud Accounting.