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The new reverse charge VAT legislation for the construction industry becomes effective on 1 October 2020. The new rules mean that the customer making payment for construction services will become responsible for accounting for VAT rather than the supplier i.e. subcontractor.
The construction operations to which the reverse charge will apply are those within the existing Construction Industry Scheme (CIS). Errors often arise due to the complexity of CIS and therefore the errors will be compounded with possible VAT accounting errors arising.
Currently HMRC has offered little detailed guidance but it is essential that organisations start planning for the changes by:
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