On Wednesday 15th March 2023, the Spring Budget was delivered by Jeremy Hunt, Chancellor of the Exchequer. The Budget covered a number of measures which you can find here. We have covered a couple of key VAT updates specific to the buildings and property sector below.
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After a number of postponements, it is here. The new Reverse Charge for Construction Services will take effect from 1 March 2021. If you have not already put processes in place, it is not too late to do so, and in the main the HMRC guidance is clear and well written https://www.gov.uk/guidance/vat-reverse-charge-technical-guide
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From the 01 March 2021 HMRC’s domestic VAT reverse charge comes into force for most standard-rated (20%) and reduced-rated (5%) building and construction services.
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Following EU Tribunal Cases (VAT being a European Tax and largely unaffected by Brexit); HMRC have changed their stance on many forms of compensation payment – and with particular regard to the Construction Industry – how Liquidated Damages are treated.
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The new Reverse Charge VAT procedure (whereupon Main Contractors will become responsible for subcontractors Output VAT) has been postponed again from October 1st 2020 to March 1st 2021.
READ MORE HMRC have just announced that for any Return falling within the window 20 March to 30 June, payment can be deferred until the year-end.
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Berthold Bauer VAT Consultants Managing Director Simon Merry was delighted to be asked to speak at the Qandor Property Club’s ‘Founding Forum Workshop’ on 19th September 2019.
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HMRC have recently confirmed their stance on ‘lost space’ in relation to the creation of bathrooms using an existing room in a disabled persons home – this was previously known as ‘restitution relief’.
READ MORE HMRC have released the long-awaited guidance on how the new VAT accounting process is to work between Sub Contractors & Main Contractors.
READ MORE A new VAT Accounting procedure is to be implemented in October 2019 whereby the Main Contractor will become responsible for a sub-contractors VAT. In the same way in which the Construction Industry Scheme has addressed the missing tax aspect of labourers and small traders in the construction industry (by placing the burden of tax collection on Main Contractors & Developers); the purpose of the Reverse Charge for Construction Services is to reduce the occurrences of ‘disappearing trader fraud’.
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