Webinar : Reverse VAT
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Implementing Reverse Charge VAT
The implementation date for reverse charge VAT accounting in the construction sector is 1 October 2020. Main contractors and subcontractors affected by the change need to understand what this means and to start preparing now, ready for its implementation
The domestic reverse charge (DRC), as it is known, is not new but it is new to the construction sector and its impact is far reaching. It means that businesses in the construction supply chain will not be paid VAT on the services they supply. Their customer, the next contractor in the supply chain, will account for this VAT instead, as a DRC.
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