Delay in reverse charge on construction

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Delay in reverse charge on construction

On Friday the 6th of September HMRC announced a twelve month delay in the implementation of the VAT Domestic Reverse Charge for construction services to 1st October 2020.
 
Click to read full HMRC notice

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Save time with our new software upgrade

We are delighted to say that we have now subscribed to Streamline Receipt Bank which comes with the following benefits:

  • Supplier Rules: set rules on all your clients recurring invoices so that any time an invoice is submitted to RB, it is automatically populated with the key fields like the Category, Tax, Due Date, Description, Project etc. 
  • Auto-Publish: all recurring invoices so they automatically feed into your accounting software. You should be able to auto-publish between 50-80% of your transactions which means that you can then manage your inbox by exception.
  • Payment Methods: set up payment methods to deal with credit, debit and petty cash scenarios.
  • AI Powered Submission Reminders: you track users submissions habits and if a client forgets to submit, you will send them a reminder via their app to submit. 
  • Unlimited bank statements pages. This will be great for those end of year accounts. 
  • Bank Match: this speeds up reconciling transactions as we do all the matching for you (see PDF attached).
  • Paperwork Match: matches a document to a previously paid and reconciled transaction to avoid duplicates (see PDF attached). 
  • Boost: you can boost transactions giving you a guaranteed turnaround time of under 15 minutes which is great if you’re working to a deadline. 
  • Line item extraction: manual and automatic on all electronic invoices i.e native PDFs. You will gain automatic access to this update once it goes live with Streamline.
  • Automatic access to any feature we release in the future that falls within Streamline
  • Dedicated implementation specialist: Harriet will train your staff on Streamline, ensure your processes and workflows are efficient, look at your on-boarding process and assist you in getting other clients using the software. 

Please contact any member of the team for details.


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HMRC to automatically register companies for EORI numbers

It has been announced that VAT registered companies trading with other EU member states will automatically be enrolled for an EORI number to facilitate trade post Brexit.

We attach the link to the BBC News website giving details.

However, we believe that this information should be treated with caution. On the one hand, the article says that 240,000 businesses trade with the EU and that 72,000 companies have registered for EORI number and that this auto-enrolment would mean another 88,000 firms will be registered.

This means 160,000 of the 240,000 firms will be registered and the numbers in the article do not add up!

We also are sceptical that HMRC/hm.gov have the capacity to deal with this in the timeframe stated.

We think therefore that if you require an EORI number, it would still be preferable to apply for it particularly if you have heard nothing within the next two weeks.

https://www.bbc.co.uk/news/business-49408848


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Contactez nous

The Martlet Partnership LLP
Martlet House
E1 Yeoman Gate
Yeoman Way
Worthing
West Sussex
BN13 3QZ
UK

Tel.: +44 (0) 1903 600555
Fax.: +44 (0) 1903 600828
E-mail: info@martletpartnership.com