Domestic VAT reverse charge – HMRC live webinars
15 June 2021
Changes to the way VAT is collected within the construction industry were implemented back in March 2021. The domestic reverse charge, commonly referred to as the reverse charge, is a major change to the way VAT is collected in the building and construction industry and will affect both suppliers and customers that are both VAT and CIS registered.
The changes mean that the supplier will no longer charge VAT on its specified suppliers, however, the customer receiving them will now be responsible for accounting for and paying any VAT due to HMRC.
To assist with understanding this change, HMRC is offering two live webinars, one from the perspective of a contractor and the other as a subcontractor.
Register here as a contractor and be provided with an overview of the Construction Industry Scheme, including employment status, registering with HMRC, verification and deductions, CIS returns, and paying HMRC.
Register here as a subcontractor to be guided through how to join the scheme, what deductions will be taken from your payments, verification, and the records that you will need to keep.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.