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BUSINESS COLUMN: 7 things to think about ahead of VAT change wharfedaleobserver.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wharfedaleobserver.co.uk Daily Mail and Mail on Sunday newspapers.
The changes apply to businesses making or receiving specified services under the Construction Industry Scheme (CIS). The reverse shifts obligations for VAT accounting from the supplier to the recipient. The recipient must account for output VAT on the supply received and recover some or all of the input VAT on the same return. This will not create a VAT cost to a business entitled to recover all the VAT charged. Every supply in a chain, except those to an ‘end use’, will be subject to the reverse charge. Supplies to the ‘end user’ will be subject to VAT at the appropriate rate. ‘End users’ uses the services for any purpose other than making onward supplies of specified services, and includes someone receiving services to their own premises. ....