Croner Taxwise have issued the following notes in respect of the recovery of VAT incurred prior to VAT registration: The entitlement to recover VAT on stock and assets on hand at registration as if it were input tax is contained in regulation 111 of the VAT regulations 1995. In the case of a limited company,…
The implementation of domestic reverse charge for construction services, which has caused much consternation for the construction industry, has been delayed until 1 October 2020. Full details can be found in Revenue and Customs Brief 10 (2019): domestic reverse charge VAT for construction services – delay in implementation.
A major change in the way Subcontractors invoice Contractors for services provided within the construction industry (being CIS supplies) takes effect from 1st October 2019. In summary, where a Subcontractor makes a CIS supply of services to a Contractor then VAT should not be charged by the Subcontractor and VAT should not be claimed…
We are finding that more clients are attempting to cut their costs by running their business from home. If this applies to you then the following CronerTaxwise article may be of interest: https://www.cronertaxwise.com/community/vqotw-home-office/