A big change from HMRC is coming soon for construction businesses. The way it collects VAT from construction firms will be changing.
The VAT reverse charge was announced as part of the 2017 Budget to combat what HMRC estimates to be £100m of revenue lost each year through missing trader fraud.
The implementation date is 1 March 2021 – the previous date was 1 October 2020 but this was moved by HMRC in response to the coronavirus (COVID-19) outbreak.
Read this article to find out what it means for your clients and how your accountancy practice can help them
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