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Reimbursement for Local Construction Industry, and what it means to you

If you have not registered for VAT and you should have registered, why not sign up to speak to our chartered professional accountant Ontario team who will be able to assist immediately.

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Reimbursement for Local Construction Industry, and what it means to you

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  1. From 1 October 2019, the UK will introduce a VA T tax on construction and construction services. The move is aimed at combating VAT fraud in the sector. Some of the areas that will have a major impact include cash flow and VAT compliance. When people in the construction and constructio n industry buy goods, they will be required to pa y VAT directly to HM Revenue and Customs instea d of paying the supplier.

  2. The new rules do not affect provision for end users, those within connected groups, and those between homeowners and tena nts. The rules apply only to individuals an d businesses registered for VAT in the UK t hat provide certain services as defined in the Construction Industry Scheme (CIS).

  3. Exemptions also apply in cases where the servi ce is limited to zero and where the customer is not registered for VAT in the United Kingdom. If you have not registered for VAT and you should have registered, why not sign up to speak to ou r chartered professional accountant Ontario te am who will be able to assist immediately.

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