CIS Reverse charge VAT - Could reverse charge cause a credit balance on the VAT Return for materials?

Solution Properties

Solution ID:

200427112542979

Last Modified Date:

Wed Mar 23 14:27:58 UTC 2022

Taxonomy Path:

Case category//How do I...//governmental/legislative compliance

Author:

[email protected]

CIS Reverse charge VAT - Could reverse charge cause a credit balance on the VAT Return for materials?

Description

Cause

Resolution

As a result of the reverse charge some businesses may find that, because they no longer pay the VAT on some of their sales to HMRC, they become repayment traders. This means their VAT Return is a net claim from HMRC instead of a net payment. Repayment traders can apply to move to monthly returns to speed up payments due from HMRC.

[BCB:90:CIS - Sales:ECB]

[BCB:103:Limitless - 50 Accounts - Construction Industry Scheme:ECB]

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