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Our lead article looks at an important change for the construction industry: the introduction of the VAT domestic reverse charge. The charge takes effect from 1 October 2019, and will mean significant changes in invoicing and VAT return procedures for those involved.
The new rules apply to VAT-registered businesses where payments fall to be reported through the Construction Industry Scheme. Essentially, they put the onus on the recipient of construction services to account for VAT, rather than the business supplying those services. The measure is intended to reduce fraud within a high-risk sector. From a business perspective, there are considerable knock-on consequences, including reduction in cash flow where output tax is no longer charged. It is therefore important to take steps to prepare now.
Our other front-page article reports on recent changes to the Making Tax Digital for VAT (MDV) Notice. MDV affects businesses with taxable turnover over the VAT registration threshold of £85,000. It involves keeping digital records and the submission of VAT returns using compatible software. The new rules apply for VAT return periods starting on or after 1 April 2019. Updates to the VAT Notice outline some record keeping easements.
As the yearly cycle of self assessment tax returns rolls round once again, we include a one-page feature on recent developments to be aware of in this area.
In our other articles, we consider:
We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven't covered. Your views are always important to us and we welcome your feedback.
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget.
Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned.
As always, the wellbeing of our staff and clients remains our priority and is at the forefront of our mind when considering our response to the current coronavirus situation. At present our office remains open during normal working hours however we are discouraging face to face contact and are moving to telephone/ e-mail communication wherever possible in an effort to protect ourselves and our clients.
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Please be assured that we will be continuing to offer the best service and advice during this difficult period.
We will continue to closely monitor government advice on the situation and act accordingly.