News & Updates

HMRC is introducing a ‘domestic reverse charge’ for building services, meaning the construction industry will have to start using a new method of accounting for VAT.

Read our step-by-step guide on how to sign up for MTD for VAT, so you are fully compliant with the new rules before your next VAT return is due.

With the new rules for Making Tax Digital for VAT coming in April 2019, it’s now even more important to know if and when you need to register your business for VAT in order to avoid a fine from HMRC.

There are still more questions than answers relating to Brexit, but HMRC has updated its guidance on how VAT rules will change in the event of a no deal to help businesses prepare.

Despite all the uncertainty surrounding Brexit, the clock is still ticking to 1 April 2019, when MTD for VAT comes into force and businesses will have to change the way they submit VAT. Here’s how to make sure you’re ready.

There are fewer than 150 days remaining until the UK is scheduled to leave the EU, and there’s still a huge amount of uncertainty around the type of deal which will be secured. Small and medium sized businesses (SMEs), whether they trade with EU countries or not, could face a substantial amount of financial ambiguity at this time, and so it pays to be sufficiently prepared.

Under new rules due to come in on 1 October 2019, builders, sub-contractors and other trades associated with the construction industry will have to get their heads around a new method of accounting for VAT – dubbed the reverse charge.

The current VAT threshold is considered a barrier to growth for small businesses, and alternative options are being considered to smooth its ‘cliff-edge’ effect.

Adopting cloud accounting has always had its benefits, but the imminent arrival of HMRC’s Making Tax Digital initiative makes it even more pertinent.