Home / Insights / Blog / Steps to get ahead of new VAT rules in construction 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 Downloads Steps to get ahead of new VAT rules in construction Meet the Buyer Find out about our upcoming events for your chance to meet top buyers. Learn more Blog VAT Related case studies Supplier Case Studies Hill Hill is one of the country’s top house builders, specialising in developing homes of distinction across London and the South East. Innovation, design excellence, quality build and respect for the local environment are key to their success, which has been recognised through several major industry awards. … Read more Buyer Case Studies VINCI Construction UK VINCI Construction UK saves 22,000 man hours in procurement and supply chain management with Constructionline and the COINS iPortal VINCI Construction UK is a market leading national construction and facilities company, and part of the VINCI Group. The organisation employs 4,000 people across four divisions … Read more Buyer Case Studies Wates Group Following a comprehensive review of their supply chain data management systems and the providers of this technology available in the market place, construction and development firm Wates Group adopted Constructionline in a bid to streamline procurement processes and reduce risk across all its contracting divisions. … Read more See more
