Many businesses involved in construction find the constant changes in accounting and tax legislation that surround this are frustrating and time consuming.
However, help is at hand. Fawcetts is one of the leading firms within the area specialising in construction. We draw upon considerable experience when advising clients in this sector, and are able to offer support in all of the areas detailed below:
- CIS registration and compliance
- VAT advice including zero-rating, stage payments and retentions
- IT support in computerised work in progress recording
- CITB and other census returns
- PAYE advice, including employee/subcontractor status.
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HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT.
The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the last two years.
Some other groups will need to wait to join, including those:
- trading with the EU;
- based overseas;
- submitting VAT returns annually;
- making payments on account;
- using the VAT Flat Rate Scheme; or
- who have never submitted a VAT return in the past will need to wait to join.
HMRC has also announced that a small number of the most complex businesses will have a six-month deferral to October 2019 before they need to comply with the requirements of MTD for VAT.
MTD for VAT will require businesses with turnovers of £85,000 or more to keep digital records and make quarterly digital submissions to HMRC using ‘designated software packages’ from next April.