By David Cairns
Hawsons Chartered Accountants
MANY construction firms have not given attention to an impending change in accounting for VAT within the sector, which has led to calls on HMRC to delay the change by six months.
Approximately 150,000 businesses will be affected by the new regulations which were due to come into effect this month but have now been delayed to October 2020.
The aim of the domestic reverse charge is to combat fraud in the sector.