Factsheet – Construction Industry VAT – Reverse Charge Reply

 

Reverse Charge for the Construction Industry starts in October 2019, its complicated and will be confusing!

Read our 2 page fact sheet to understand how you need to account for VAT.

The new rules will affect Subcontractors and Contractors.

Click here to get the factsheet

steve@bicknells.net

Bicknell Business Advisers – Now on VoIP Reply

We like to implement the latest technology so that we can work in better ways with our clients and to make communication better we have just installed RingCentral.

Our new main office number is 01202 025252 but we also have all the other great features of RingCentral including Video calls, Conference Calls and messaging, on all our devices. Take a look at this video to find out more about RingCentral.

Would you like your address removed from Companies House? Reply

Some directors have been targeted by criminals such as those trying to steal your identity.

If you used your home address as your service address (or ‘correspondence’ address), you can ask Companies House to:

1. remove it from the register
2. withhold it from credit reference agencies – you can only do this in certain circumstances

You’ll need to apply and pay for each of these separately.

You cannot ask to remove your company’s registered office address, even if it’s your home address.

You can ask Companies House to remove your home address from publicly available documents, such as a form to appoint a director.

You’ll need to know which documents contain your home address. Check this by finding your company on the Companies House register.

Download an application form. It costs £55 to remove your address from each document.

Payment details are on the form.

Send your application form and fee to the Registrar of Companies.

The Registrar of Companies
PO Box 4082
Cardiff
CF14 3WE

Ask to have your address withheld from credit reference agencies

You can only do this if you’re at risk of violence or intimidation because of your company’s work. You need to provide proof such as:
# a police incident number if you’ve been attacked
# documentary evidence of a threat or attack, such as photos or recordings
# evidence of possible disruption or targeting, such as by animal rights or other activists
# evidence that you work for an organisation whose activities put you at risk, such as the Secret Intelligence Service

Request an application form by emailing dsr@companieshouse.gov.uk. It costs £100 to apply.

https://www.gov.uk/stop-companies-house-from-publishing-your-address

We are Xero App trained Reply

 

One of the best things about Xero is the ability to use apps and there are over 700 to choose from.

I have just completed the Xero courses for

  • Trade and Constructions Specialist
  • Professional Services Specialist
  • Retail and eCommerce Specialist

These courses explore how and when to use apps and compare features between the some of the most used Apps.

Great courses, very useful

If you need advice on Apps please let us know

steve@bicknells.net

 

Construction Industry Reverse Charge from October 2019 Reply

New VAT rules are coming into force from 1st October 2019 to create a domestic reverse charge for Construction, known as Construction Services Domestic Reverse Charge.

HMRC are introducing the change to combat missing trader fraud.

VAT registered construction clients will need to account for reverse charge as it was a self supply, the supplier won’t charge them VAT. This then removes the risk of deducting input tax when the output tax has never been paid.

The new system will not apply to Zero Rated Supplies.

Unlike some other “reverse charge” schemes, amounts accounted for under the CSDRC will not count towards the VAT registration limit. This means that if a customer is not already required to be registered for VAT, the CSDRC “deemed self-supplies” will not change this.

Subcontractors will see a loss of cashflow under the scheme and its likely to cause issues for customers as they need their Making Tax Digital systems to be able to cope with the change.

Subcontractors also need to be sure that their services are within CSDRC before agreeing not to charge VAT.

CSDRC will follow the CIS rules to determine what is within the scope of CSDRC.

In the first 6 months HMRC has suggested they will apply a light touch to the new rules.

steve@bicknells.net

 

 

Now training Companies in MTD for UK Training Reply

For businesses over the VAT registration threshold, Making Tax Digital starts in April 2019. This represents the first phase of the UK Government’s plan to become one of the world’s most digitally advanced tax administrations. However, many people are still not fully aware of the impact it will have on their business and the various software solutions which need to be considered.

It is vital that all businesses understand the imminent changes and what further developments we can expect in the future. This essential course will guide you through everything you need to know about Making Tax Digital and what procedural changes you need to put in place to ensure you are compliant with the new requirements.

It will cover the following key areas…
# What is Making Tax Digital for VAT?
# When does it start?
# VAT notice 700/22
# Exemptions
# Deferred reporting
# Software solutions
# New penalties
# The soft landing
# The next phase 2021: Income Tax and Corporation Tax

 

Book your place at https://www.uktraining.com/training/making-tax-digital/116/

steve@bicknells.net