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Domestic Reverse Charge for the Construction Industry

This Video summarises the VAT Domestic Reverse charge for building and construction services, that came into force on March 1st 2021. It explains how you can prepare for and create potential solutions to the impact this will have on your business. Through the domestic reverse charge, HMRC intends to minimise VAT frauds in the construction industry. It will apply to all the Construction Industry Scheme (CIS) registered businesses providing or receiving construction services subjected to CIS reporting. There have been many speculations regarding the domestic reverse charges impact on businesses especially the way it will impact a business's cash flow, in turn affecting its ability to perform effectively. The video will cover the following areas: Anti-fraud Measures Applicable to CIS: 00:16 Identifying Potential Cashflow Issues: 00:43 Prepare for a New Invoicing System: 01:06 Sync the Accounting System With Reverse Charge Mechanism: 01:23 Get the Tax Point Right: 01:34 Check the Client's VAT Status: 01:48 Notify Your Status: 02:01 Consult a VAT Accountant: 02:23 How Can We Help?: 02:40 To get a more in-depth understanding of domestic reverse charge, read our blog: https://chacc.co.uk/tax-blog/domestic... To stay updated about the latest business tips and growth methods subscribe to our channel:    / @clearhouseaccountants   Follow us on Facebook:   / clearhouseaccountants   Linkedin:   / clear-house-accountants   Twitter:   / chaccountants   Clear House Accountants https://chacc.co.uk https://chacc.co.uk/blog