what you need to know and do about
VAT Domestic Reverse Charge
WHAT IS THE VAT REVERSE CHARGE?
The Domestic Reverse Charge (DRC) has been introduced in the UK for building and construction services and is designed to combat VAT fraud in the building and construction sector. It has a significant impact on VAT compliance and cashflow.
WHAT DO I NEED TO DO NOW?
If you are already working with The Square, you need to do nothing. We have consulted our advisors and we are clear that we are working to HMRC intended legislation. If you are not yet working with The Square we suggest you review how your payroll supplier is positioning themselves in light of the new legislation and ensure they are not acting as a disguised 'supply of construction service' business and compromising the integrity of the law and potentially damaging the reputation of your business.
If you want to ensure you and your business remains compliant to the new Domestic Reverse Charge legislation and the new EU worker legislation and the incoming IR35 legislation, speak to Alan or one of the team at The Square. We can help.
Email us or call us on 0203 868 6303.