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VAT Construction Reverse Charges postponed

Major new VAT rules for the construction sector which were due to come into force on 1 October 2019 have been postponed. 

The rules would have meant that customers rather than suppliers would have taken responsibility for accounting for the output VAT on most invoices which fell under the CIS regime.

The changes have been postponed until 1 October 2020.

HMRC will apply a light touch if suppliers have already amended invoice layouts to implement the changes, and will allow businesses which moved to monthly returns in order to cope with the cash flow effects of the changes to move back to quarterly returns.

HMRC have made it clear that this is only a postponement of the new rules, and that it is still committed to introducing the construction reverse charge.

If you have any queries please speak to your usual Dodd & Co contact or email Faye Armstrong on faye@doddaccountants.co.uk.

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