Mastering the CIS Reverse Charge VAT for Construction Business Owners (VAT Series 10)

Mastering the CIS VAT Reverse Charge for Construction Business Owners
Are you a construction business owner who's confused about the VAT reverse charge system?
VAT is one of the most complicated taxes to understand, and the recent implementation of reverse charges for the construction industry scheme has left many entrepreneurs scratching their heads.
In this video, I’ll explain everything you need to know about reverse charges and how they affect your construction business.
We'll define what a reverse charge is and how it works, and we'll walk you through the specific changes to the construction industry scheme.
You'll learn about the types of transactions that are impacted by the reverse charge, and we'll provide examples to help you understand the concept in practical terms.
Watch along to gain the knowledge and confidence you need to navigate the reverse charge system and avoid any potential penalties for non-compliance.
MDH Accountants are an award-winning firm based in Accountants Surrey and Accountants London. Our Director Michael Hemme is known as the Wealth Whisperer!
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Time Stamps:
00:00 - What is a VAT reverse charge?
00:29 - Why was the VAT reverse charge implemented?
00:49 - How is the reverse charge relevant to you?
01:26 - What to remember when you’re invoicing the end customer for your construction job?
01:43 - VAT reverse charge: Blessing or a curse for construction business owners?
02:53 - What is not qualified for a reverse charge?
03:21 - Who can use the reverse charge?
04:16 - Tips for construction business owners who are new to the reverse charge scheme
04:46 - What a reverse charge is important for
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• Mastering the CIS Reve...

[@MDHAccountants.]

Thank you for watching; I hope you find this video useful! If you found the video valuable and informative, give it a thumbs up, and if you have any questions, please comment below!

[@mark-jonathanwilkinson763]

Great video Michael. I’m having to send out multiple reminders to my subcontractors to get the right invoices through. Let companies know early in the process is a good shout.

[@MDHAccountants.]

Thank you 😊. Big paperwork game of chess. How have you been ?

[@mikebyrnecartwrightbyrneca5192]

Is xero a good starting platform for small construction business?

[@MDHAccountants.]

That’s our preference of software. It’s a good idea to know the basics first or get someone to guide you like us.

[@mikebyrnecartwrightbyrneca5192]

@@MDHAccountants. I have just started a small utility company and to be honest the accounts side I don't have a clue. Would you be interested in having a chat regarding being our accountant?
Regards
Mike

[@MDHAccountants.]

I would be glad to.

[@MDHAccountants.]

Let’s book an initial discovery call on zoom. Please book using this link: calendly.com/michael-mdh/discovery-call

[@MDHAccountants.]

I look forward to meeting you