Jun 8 2021 Zero rate VAT update Categories: Property & ConstructionTaxation Following a recent tax case, HMRC have updated their guidance in relation to items which may be zero rated for VAT purposes when constructing a new residential property. Zero rate VAT applies to the construction services and the building materials incorporated into the new residential property by the persons supplying those construction services. The zero more
May 26 2021 New measures for Construction Industry Scheme claims Categories: Property & Construction The government recently brought in updated powers for HMRC to crack down on abuse and help level the playing field for businesses within the construction industry by helping to increase the incentive to provide accurate submissions of Construction Industry Scheme (CIS) claims. These new measures that came into effect from 6 April 2021 do not more
Apr 21 2021 Super-deduction to encourage investment in the construction sector Categories: Property & Construction The 2021 Budget was more positive than most people expected with the Chancellor deciding that now is not the time to start collecting extra taxes to repay the massive amount of borrowing this past year. Instead, it focused on helping businesses emerge out of the current uncertainties surrounding COVID and Brexit, looking at ways to more
Mar 10 2021 Off-payroll working rules (IR35) from April 2021 within the Construction sector Categories: Property & Construction With the off-payroll working rules (IR35) changes coming into effect from April 2021, those working in the construction sector should use this time to properly prepare for how these changes will impact their workforce and their business. Under the legislation, large and medium companies will need to assess if contractors providing services through personal service more
Feb 10 2021 Domestic Reverse Charge VAT for construction services coming into force on 1 March 2021 Categories: Property & Construction Construction businesses have a lot to contend with this year, from learning how to operate within the challenges of a global pandemic to having to deal with the additional administration caused by Brexit. On top of that, HMRC are still pressing ahead with the introduction of the Domestic Reverse Charge VAT (DRC) for construction services, more
Jan 26 2021 How remuneration planning can help your construction company Categories: Property & Construction In light of the COVID pandemic, construction companies have seen a significant reduction in profits and cashflow. To support the continuation of the business, some business owners have had to pay in some of their own money and/or take out less income. Our EQ Property & Construction specialists work together with our clients in order more
Dec 4 2020 Update on the local construction sector Categories: COVID-19Property & Construction Despite the COVID-19 pandemic, many of our construction clients have been extremely busy over the past six months. With restrictions on our ability to spend our hard-earned money on travel, leisure and hospitality, a significant amount of this spend has switched to the construction sector. Initially COVID-19 forced the closure of the construction sector but more
Oct 26 2020 Domestic Reverse Charge VAT for construction services comes into force…. maybe Categories: Property & Construction HM Revenue and Customs (HMRC) have issued updated technical guidance for the introduction of the Domestic Reverse Charge VAT (DRC) which will affect most businesses operating in the construction sector who buy or sell building and construction services from 1 March 2021. Introduced by HMRC to remove the scope for fraudsters who don’t pay the more
