This major change for the construction industry moved the responsibility to the customer who receives a construction service. Customers are therefore now responsible for accounting for and paying the supplier’s output VAT.
If you, like many others, are struggling to understand the impact of this on your business and the changes needed in terms of VAT returns, invoicing and general administration, then Whitley Stimpson is here to help.
How the changes to VAT in the construction sector impact your business
We have produced a range of guides to break down the changes step by step and help you understand the impact on your business, whether you are contractor, subcontractor, or both. There are separate guides depending on the accounting software you use.
Using accounting software to account for VAT reverse charge
If you use Xero, QuickBooks or Sage and are preparing your first VAT return since the changes were introduced, you may be unsure if you are using the systems correctly. If you need help accounting for the VAT reverse charge, please get in touch and we can support you in preparing your first VAT return since the changes came into effect.
For further information and to a obtain a copy of the guide relevant to you, contact Jamie Abbotts, on 01295 270200 or email jamiea@whitleystimpson.co.uk.