HMRC have recently announced the postponement of the VAT Reverse Charge within the Construction Industry. This is good news for the Construction industry who have been voicing their concerns that they would not be ready to implement the changes by the 1st October 2019.
Please be aware this is simply a delay and the reverse charge will commence on 1st October 2020.
Businesses should use the next 12 months to speak to their advisers and ensure their accounting systems are ready for the new implementation date.
In the event that you have already changed your systems and invoices in anticipation of this change going live on 1st October 2019, you should take steps to change back at your earliest opportunity.
If you have any queries on this please do not hesitate to speak to your usual Drummond Laurie contact.