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Reverse Charge of VAT & Off Payroll Working Webinar
February 11, 2021 11:00 am - 12:00 pmFree
On 11th February, construction industry tax expert, Liz Bridge, will be presenting a free webinar on Reverse Charge of VAT and Off Payroll Working.
Reverse charge of VAT: CECA members will be aware that in the 2017 UK Government budget there was an announcement on the introduction of the reverse charging of VAT in the construction industry. Originally planned to take effect from October 2019 this was delayed and is now being introduced from 1st March 2021. This means your firm will not pay VAT to anyone subcontracting building work to you that is covered by the CIS scheme, nor will any contractor or customer pay you VAT unless they are the end user of the project. This may sound confusing, however this webinar will help you understand if you are an end user and which, if any, of your customers are end users and will pay VAT, and which are not. Your VAT liability will change quite dramatically and it may be that HMRC owe you VAT each quarter rather than the other way around – it should be noted that this could have a significant impact on your cashflow.
Off payroll working legislation which arrives on 6 April 2021, will impose PAYE on all payments made to individuals working for their own limited companies. Whilst you may pay an agency or intermediary which pays the limited company which pays the human being, the legal liability for PAYE will rest with you after 6th April 2021. Anyone who works regularly in your offices and on your sites and whose name is not on your PAYE payroll is potentially risky. It is therefore necessary to think about how these people are paid and whether the legislation could charge PAYE from your firm if it wasn’t deducted by an intermediary firm.
Both of these issues will bring about significant changes for the construction industry. You will need to know how the changes will impact upon your company and ensure that the necessary training of staff has taken place. You will need to redesign invoices and upgrade software. Many firms will need to register with HMRC as repayment traders and send in monthly VAT returns.
During this webinar Liz will provide details on how these major changes will impact on members and what action needs to be taken now to prepare for them. She will also explain about CEST (Check Employment Status for Tax) tests. Liz will take your questions on the day and will offer the most frequent questions she is asked. Indeed should you wish to submit a question in advance of the webinar, please let me know and I shall ensure this is passed directly to Liz.
This FREE webinar is aimed at directors, senior managers and all those involved in finance and book-keeping.
To book your place, please register here.