I’m a contractor. What does the VAT reverse charge for construction services mean for my business? Receiving an invoice from your supplier For supplies that fall within the VAT domestic reverse charge rules you should receive an invoice from any VAT registered subcontractor with no VAT, but with a statement that reverse charge rules apply.
VAT Domestic reverse charge for construction services in 2021 HMRC’s new domestic reverse charge for construction services comes into force on 1 March 2021. What is the background behind this scheme? The aim of this measure is to combat missing trader fraud in the construction sector. HMRC predict that missing trade fraud has cost the
On 31st of October 2020, as a result of Lockdown 2, the Coronavirus Job Retention (Furlough) Scheme was extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced. What has changed in the Furlough scheme? The Furlough scheme will remain open until March, with
The Job Support Scheme guidance on the HMRC website has currently been withdrawn as a result of the Coronavirus Job Retention Scheme Extension. The Job Support Scheme will replace the Job Retention Scheme when the extension ends and we have therefore left preliminary guidance previously announced below as reference. What is the Job Support
Update: Extension of the Self-Employed Income Support Scheme The Self-Employment Income Support Scheme has been extended. The scheme has been extended. If you were not eligible for the first and second grant based on the information in your Self Assessment tax returns, you will not be eligible for the third. HMRC expects you to make
Chancellor’s Summer Statement On the 8th of July 2020, delivering his Summer Economic Update in Parliament, the Chancellor announced a package of measures aimed at supporting jobs in every part of the country, giving businesses the confidence to retain and hire, and providing people with the tools they need to get better jobs. We have
Companies House Filing Deadlines Companies and other types of business registered at Companies House will get more time to file accounts due to Coronavirus. If your company is eligible, they will update your filing deadline automatically. You do not need to apply for an extension. Details On 25 June 2020, the Corporate Insolvency and Governance
What has changed about the Coronavirus Job Retention Scheme from July? From 1 July, employers can bring furloughed employees back to work for any amount of time and any work pattern, while still being able to claim the grant for the hours not worked. From this date, only employees that you have successfully claimed a
Tips for claiming VAT with your paperwork In order to claim back VAT paid on purchases HMRC expects your company to have a proper invoice or receipt in the name of your business. However, it concedes that it’s not always possible, particularly in situations where the purchase was impromptu, say when it’s made by you
The government are regularly updating guidance in connection the Coronavirus Job Retention scheme, to make the information easy to digest we have collated a summary and Q&A of most commonly asked questions. Coronavirus Job Retention Scheme at a glance: A cash grant that is designed to allow employers to retain staff who would otherwise be
Treetops help small to medium businesses, limited companies and individuals with their accounting. We are an established firm with a large team of qualified and experienced accountants. For bookkeeping and monthly accounting prices get in touch with us today.
