Finance

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Are you prepared for new construction industry VAT rules?

HMRC is implementing new VAT rules for the construction industry to combat fraud – are you prepared?

Due to a number of cases of fraud in the construction industry which has been significantly impacting upon the amount of tax payments received from the sector, HMRC feel they have been forced to take action. This has resulted in a decision meaning that from 1 October 2019, HMRC will be introducing a new method of accounting for VAT for construction workers and sub-contractors to prevent the ongoing exploitation and avoidance of VAT payments.