Building firms must prepare for VAT changes
Accountants and tax experts Newby Castleman are urging construction companies to prepare for changes to the VAT system for their industry due to come into effect to protect against fraud.
HMRC is implementing reverse charge measures, announced in the Autumn Budget of 2017, which will mean that for certain construction services the end customer will be responsible for the VAT in respect of those purchases, as opposed to the supplier.