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binky

VAT changes

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binky

Just got this from my accountant...

 

I’ve heard today that the changes due to be implemented on the 1st October regarding VAT accounting in the Construction Industry (as below) have been put on ice for a further year. Whilst irritating to see a U-Turn at this 11th hour, the changes proposed are complex and (as usual) there had been inadequate HMRC publicity and lack of support to the accounting software providers who needed to adapt software for the changes – so a lot of confusion has been avoided.

 

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Andy™

not looked into it much, but (from sage website at least) suggests it only aplies to same situations as CIS, so for many of us, probably nothing will change

 

Quote

The VAT reverse charge for construction is effectively an extension of the Construction Industry Scheme (CIS) and applies only to transactions between VAT-registered contractors and sub-contractors who are registered for the CIS.

 

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UNG
13 hours ago, binky said:

Just got this from my accountant...

 

I’ve heard today that the changes due to be implemented on the 1st October regarding VAT accounting in the Construction Industry (as below) have been put on ice for a further year. Whilst irritating to see a U-Turn at this 11th hour, the changes proposed are complex and (as usual) there had been inadequate HMRC publicity and lack of support to the accounting software providers who needed to adapt software for the changes – so a lot of confusion has been avoided.

 

Not surprised that the accounting software providers are having problems HMRC are having problems with their own software

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Doc Hudson
14 hours ago, UNG said:

Not surprised that the accounting software providers are having problems HMRC are having problems with their own software

 

Since when has ANY software related system change/upgrade/improvement actually worked on-schedule, on-budget, as-expected? and if there was one, I bet it is NOT a government/local council related service provider!  (I think I can recall a few forum upgrades/improvements actually working as expected in the timescale defined!).

 

Doc H.

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UNG
On 07/09/2019 at 23:40, Doc Hudson said:

 

Since when has ANY software related system change/upgrade/improvement actually worked on-schedule, on-budget, as-expected? and if there was one, I bet it is NOT a government/local council related service provider!  (I think I can recall a few forum upgrades/improvements actually working as expected in the timescale defined!).

 

Doc H.

Not really sure what point you are trying to make. Bit of a subtle difference between a forum upgrade and a nationwide digital tax platform

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