Jan 15 2020 Is Xero the cure to your CIS headache? Categories: EQ AccountingProperty & Construction Under the Government’s Construction Industry Scheme (CIS), contractors must deduct money from the payments they make to subcontractors to go to HMRC. These are treated as advance payments for tax and National Insurance contributions. CIS applies to businesses involved in the construction industry, and can affect businesses that are not actually in the industry but more
Nov 20 2019 Capital allowances on commercial properties Categories: Property & ConstructionTaxation Within commercial properties there are a number of items that might qualify for favourable tax relief. In relation to property construction, capital allowances may be available to a taxpayer on certain capital expenditure, regardless of age, specification or interest held. Capital allowances reduce the amount of tax paid by either an Income or a Corporation Tax more
Oct 30 2019 Building Scotland Fund – alternative funding for the construction sector Categories: Property & Construction Have you been refused funding from mainstream institutions for your property or construction project? There may be an alternative. From 2019 to 2021, the Building Scotland Fund (BSF) intend to invest £150 million by making loans and acquiring equity in businesses. Public sector bodies involved in the delivery of the BSF are: the Scottish Government, more
Sep 25 2019 VAT on Construction and Development Projects Categories: Property & Construction The rate of VAT to charge on Construction and Development Projects can often cause confusion as the supply may be chargeable at the standard rate (20%), reduced rate (5%), zero rate (0%), or the supply may be exempt. This article aims to summarise the underlying rules that determine which rate of VAT should be used. more
Sep 9 2019 HMRC announce delay to Domestic Reverse Charge VAT for Construction Services Categories: Property & Construction Following on from our previous article regarding the Domestic Reverse Charge VAT (DRC) for Construction Services, HMRC have announced a delay to the implementation for 12 months. The DRC was due to come into force from 1 October 2019, but after meeting with a coalition of construction organisations, led by the Federation of Master Builders more
Aug 2 2019 VAT Domestic Reverse Charge – What does it mean for the construction sector? Categories: Property & Construction It’s now less than 2 months before a significant change will affect most businesses in the construction sector. From 1 October 2019, the new Domestic Reverse Charge (DRC) for construction services will take effect. HMRC have advised that the changes are designed to combat missing trader VAT fraud in the construction sector. Who will be more
Jun 13 2019 10 ways we can help clients in the construction sector Categories: Property & Construction Whether you have your own business, or are an independent contractor, the construction industry can expose you to various tax implications, as well as tax opportunities. Our EQ Property and Construction team have amassed expert knowledge, and valuable experience, from their construction clients and are on hand to help with a range of issues from more
May 7 2019 How to avoid the Annual Investment Allowance trap Categories: Property & ConstructionTaxation Following on from our previous article regarding the recent changes in the Annual Investment Allowance (AIA), businesses need to be careful as any qualifying capital expenditure falling within the allowance could be eligible for 100% tax relief. Below is a more detailed explanation of how you can avoid the AIA trap. On 1 January 2019, a more