Steps to get ahead of new VAT rules in construction

With the new VAT rules due to come into force in the near future, the cashflow of 150,000 SME construction firms could soon be squeezed, when Government introduces a shake-up of VAT rules.

From October 1 2019, HMRC is introducing a new system, which means VAT cash will no longer flow between VAT-registered businesses in the construction supply chain.

Background to the change

Construction firms have processed their own VAT for decades. Many SMEs use repayments from customers as a source of working capital before sending sums to HMRC.

Unfortunately, fraudsters took advantage of the system, claiming back millions of pounds-worth of VAT from customers before ‘disappearing,’ without re-paying the money to Government.

The change could well cause much confusion within the industry and with that in mind, we have created a guide to help you navigate your way through the new rules.

Download the guide here

Steps to get ahead of new VAT rules in construction

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