In just a few weeks, more than 150,000 businesses connected to the construction industry will have to make a fundamental change to the way they manage their VAT processes.
Although the world has been in lockdown, the Government still intends to launch the VAT domestic reverse charge for specified types of construction work from 1 March 2021.
The reverse charge applies to business-to-business supplies where both businesses are registered for VAT, there is an onward supply of construction and the parties are subject to the Construction Industry Scheme (CIS).
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