Reverse VAT Introduced

Despite a concerted industry campaign, Reverse VAT came into force on 1 March and members should make sure they have read Build UK’s practical guide to understand how the legislation will affect their business. If you haven’t already, use Build UK's checklist to make sure you have taken the necessary actions, including updating your invoices with the required information. HMRC has confirmed it will ‘apply a light touch’ when dealing with any errors over the next six months, provided that companies can demonstrate they have tried to comply and acted in good faith. To assist, it has published flowcharts for both buyers and suppliers to help them identify when Reverse VAT should be used.