How to Qualify for Zero-Rated VAT on New Homes and Flats
Zero-rated VAT on new homes and flats means no VAT is charged on the construction of a new residential property. […]
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Construction
How Traders Can Save Big with Stamp Duty Relief on Probate Purchases
Buying property in the UK doesn’t just mean paying the purchase price, Stamp Duty Land Tax (SDLT) is one of
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When Contractors Should Charge 20% VAT vs the 5% Reduced Rate
VAT is an essential consideration for UK contractors. Most projects are charged at 20%, but certain construction and renovation work
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How to Choose the Right Accountant for Your Construction Company in London
Running a successful construction business in London requires proper financial management. A skilled accountant can make a huge difference, ensuring
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How to Calculate CIS Deductions: A Simple Guide for UK Contractors
Calculating CIS deductions correctly is crucial for both contractors and subcontractors. These deductions act as advance tax payments to HMRC,
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How to Apply for Gross Payment Status under the Construction Industry Scheme (CIS)
In the UK construction industry, gross payment status under the Construction Industry Scheme (CIS) means contractors pay subcontractors the full invoiced amount without deducting tax (usually 20% or 30%) at source, improving subcontractors’ cash flow and reducing administrative work related to tax deductions. This status makes tax processes easier for both contractors and subcontractors and improves working relationships with contractors by ensuring full payment without tax deductions
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CIS Tax Rates Explained for UK Subcontractors
The Construction Industry Scheme (CIS) sets out how tax is managed for subcontractors working in construction across the UK. Under CIS,contractors are required to withhold tax from subcontractor payments and send it to HMRC. The scheme is designed to reduce tax evasion and improve overall tax compliance in the sector. If you’re a subcontractor, knowing how CIS tax rates apply to you is crucial. It can help you avoid paying too much or too little tax and give you more control over your cash flow and financial planning.
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How to Claim a CIS Refund for Individual and Company Subcontractors
The Construction Industry Scheme (CIS) is a tax scheme in the UK that applies to contractors and subcontractors in the construction industry. If you’re a subcontractor, tax and National Insurance contributions (NICs) may have been deducted from your payments. But, if too much tax has been taken, you might be eligible for a refund. Both individual and company subcontractors can claim this refund, but they must meet certain conditions and follow the correct process.
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How the VAT Reverse Charge Works in the Construction Sector
The VAT reverse charge, introduced in 2021, changes how VAT is managed in the construction industry by making the customer responsible for reporting and paying VAT directly to HMRC. This measure aims to reduce VAT fraud and ensure fairness in the system. It is important for businesses in the sector to understand when the rule applies and its impact on their operations.In this article, we explain how the VAT reverse charge works, its application, and its effects on subcontractors and contractors, along with practical compliance tips.
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The Ultimate Guide to VAT for Construction companies in the UK
VAT (Value Added Tax) plays a crucial role in the operations of construction companies in the UK. Whether it’s building new homes, converting non-residential buildings, or renovating properties, understanding how VAT applies to your business activities can save time, reduce costs, and ensure compliance with HMRC regulations. This article will cover everything construction companies need to know about VAT, from registration thresholds to reclaiming VAT on materials.
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