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Post Info TOPIC: DRC


Guru

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DRC


Hi All

Just a reminder for anyone with clients within the construction industry that the Domestic Reverse Charge comes into operation on the 1st March, more fun to be had by all!



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Guru

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Oh the joy!!

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Jenny

Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.



Master Book-keeper

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Hi Doug

I know you have a few clients in construction, how have you found it so far? I have two it will affect, an electrician and a fence erector. The Electrician is currently on flat rate but will be moving to standard VAT on 1st March. The fence erector isn't doing a lot at the moment as he has a medical condition but I was worried for him as he's hopeless at cashflow, and relied on the VAT element.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Guru

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Leger wrote:

Hi Doug

I know you have a few clients in construction, how have you found it so far? I have two it will affect, an electrician and a fence erector. The Electrician is currently on flat rate but will be moving to standard VAT on 1st March. The fence erector isn't doing a lot at the moment as he has a medical condition but I was worried for him as he's hopeless at cashflow, and relied on the VAT element.


Hi John

I have 3 clients it will affect, I have emailed them what to include on their Invoices and where the DRC will come into play but will be expecting quite a few emails and phone calls over the next few months, I just feel it is another thing that accountants are having to deal with along with everything else going on, I seem to be spending more and more time answering phone calls and emails than I do on actual bookkeeping and accounts which was never my intention nor something that I enjoy, and we still have the budget to look forward too!



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Guru

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Posts: 696
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I've got 6 clients that will be directly affected by this, including my current biggest client. I wrote a simplified guide for them all, and gave personalised advice based on how it was going to affect their individual businesses. I'm still expecting a lot of questions for the first six months, but overall I'm sure it will be fine once they get used to it, and for some who won't have VAT bills anymore I think it will be quite welcome!



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Jenny

Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.

AC


Veteran Member

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Posts: 30
Date:

Easily managed with the right communication to clients, whilst early check ins with them to ensure they follow guidance. Encouage sense checks of documents before issue.

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AC



Master Book-keeper

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Posts: 3711
Date:

Good advice. One of mine I see the invoices on a monthly basis, the other one I do the invoices so hopefully I get it rightbiggrin



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.

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