The new “reverse charge” system of VAT accounting affects sub-contractors supplying their services to main contractors in the construction sector.
Value added tax may be one of the least glamorous types of tax, but there have been a few recent announcements that certainly make it a little more interesting.
A restaurateur from Warwickshire has been banned for five years after he underreported the business’s takings to avoid paying the correct tax.
Rishi Sunak announced his Spring Budget on 3 March 2021, and it was more positive than many expected.
New VAT rules are finally due to come into effect in March 2021 which will impact on accounting for VAT for transactions in the construction sector.