Are you CIS & VAT registered? Are you ready for new Reverse Charge Rules starting 1 October 2019?

From 1 October 2019 the way VAT is collected in the building & construction industry is changing. This will affect you if you are VAT registered and supply or receive specified services that are reported under the Construction Industry Scheme (CIS).

It means that the customer (Contractor) receiving the service will have to pay the VAT due to HMRC instead of paying the supplier( Subcontractor) by way of a Reverse Charge.

You have less than a month to get ready so you need to start now by:

1. Checking whether the reverse charge affects either your sales, purchases or both.

2. Ensuring that your accounting systems are updated to deal with the reverse charge.

3. Considering the impact on your cash flow.

4. Ensuring your finance staff are familiar with the reverse charge and how it will operate.

If you would be interested in learning more about how Evolution Accounts can help you get ready for these changes please email

helpme@evolutionaccounts.co.uk

with your name, and phone number and we will be in touch to arrange a free no obligation chat on the phone.