The construction industry has been targeted by the government on many occasions to reduce the incidences of tax fraud and missing payments. Their latest initiative focuses on VAT, this article explains the impact and what businesses involved with any construction related industries need to be aware of.
Following a consultation programme, a new ‘domestic reverse VAT charge’ will be introduced whereby the recipient rather than the supplier would account for the VAT due. This was confirmed in the Autumn Budget 2017 and the draft legislation will be unveiled in the spring of 2018. (more…)