VAT accounted for nearly a quarter of all UK tax revenues in 2015/2016; so it’s virtually guaranteed it will remain in place after Brexit (VAT in one form or another being in place for many non-EU countries: Switzerland, Norway, Israel & now even the United Arab Emirates).
The muted changes that are likely to impact the Construction sector:
- VAT on imports from the EU
With potential cash-flow implications of settling VAT upfront
- More subcontractors being VAT-registered
There being talk of reducing the VAT Registration threshold to catch the ghost economy lurking below the current £86,000 limit
Our next set of CPD Seminars will cover these, plus a round-up of recent construction related tribunals plus intel & info all Design Team members should be aware of in relation to clients schemes.