Government has issued a consultation proposing to introduce a VAT reverse charge in construction. This will affect many firms within FIS membership and we should respond as soon as possible; it is likely that legislation will be enacted quickly due to the Government’s classification as serious fraud.
We have a short window to influence what will be introduced – the consultation opened on 20 March and will close on 9 June.
It is essential that anyone and everyone who is involved with the accounting for contracts and has any knowledge of VAT, reads the proposals and sends FIS their views and responds to the consultation. We need your views and ideas about which proposals will work and which will be difficult and costly to operate.
This proposal is unlikely to go away simply because we say we do not like it. If it is unworkable, we must make suggestions to make it more workable.