So, the dreaded VAT Reverse Charge Scheme for construction starts from the 1st March 2021, and as previously mentioned supplies made by EEBS to you are not subject to the new rules. However, to help you manage the process for the rest of your supply chain here are some tips to ensure you are ready:
- Has your accounts package been updated, and can it manage the new scheme?
- If your cashflow will be impacted by the scheme, have you applied to submit monthly returns?
- If you are a sub-contractor have you created an invoice template that accounts for the new rules?
- Have you checked that your own sub-contractors understand and are ready for the scheme?
- Have you advised them of your status within the scheme?
- If you are an end user, have you provided written confirmation to your sub-contractors that normal rules apply?
Need more info… The VAT Reverse Charge Scheme Explained