UPDATE:Construction Industry Scheme (CIS) and important changes to VAT
UPDATE: 1st of October deadline has been postponed for 12 months. New deadline 1st October 2020.
The way in which VAT is charged on construction services will change from 1st October 2020, as a result of new anti-fraud rules.
This will impact domestic supplies (UK only) where payments are reported under the ‘Construction Industry Scheme’ (CIS), more specifically supplies of services that are Standard Rate (20%) or Reduced Rate (5%).
Sage 200cloud Summer 2019 Enhancements release allows customers, in conjunction with third-party software, to have a fuller compliance experience.
We recognise that not all customers will be in a position to upgrade, for a variety of scenarios, so Sage have prepared work-a-rounds to enable third-party software to maintain compliance, you can find out more here.