CIS UK reverse Charge

Excellent thank you John!

Will the new vat code for CIS reverse charge be available as an update and how will we be made aware that it is available

Hello ARCS

There will be an update in the product to add the new VAT code and we will be emailing a communication out to all customers who have the preferences for email communications turned on.

Thanks

Emma

Is this new code available yet. My client needs to sell services as a cis contractor and I need to advise him

Hi there, carolelmcarre.

The reverse charge code will be available in QuickBooks Online (QBO) on October 1, 2019.

You can check out this article for more information : VAT: Domestic Reverse Charge for Building and Construction Services.

As what my peer mentioned, an email will be sent out to all customers for updates.

Don't worry, I'll also notify you in this thread if the code becomes available. 

Let me know if you have any follow-ups or other questions. I'd be happy to help. Have a great day ahead.

Hi,  How do I know if I have the preference for email communication turned on please.  I am glad QB are doing something about the reverse VAT charge.  Thanks.  

Thank you for the reply - but I am using the desk top version of QB not the online version - how do I find out in my system

Hi ARCS,

Similarly to QBO, we will be facilitating a way to create a code to use in QuickBooks Desktop for the new domestic (UK) reverse charge for CIS before this comes into effect on the 1st of October.



 

Thanks for the info. I also at the moment use cash basis accounting and from what I have read this cant be used for the reverse charge. Will Quickbooks have a way to deal with this? Thanks. 

Hi dkkgroundwork,

for more details HMRC's outlines on the compatibility of the CIS reverse charge and a cash basis of accounting please follow this link, and select the 'Cash accounting scheme' title.

https://www.gov.uk/guidance/vat-domestic-reverse-charge-for-building-and-construction-services#overv...

Thanks!

Will quickbooks be equipping the reverse vat code to be able to use with cash accounting so that it shows correctly in the vat return and has correct tax point. Thanks. 

Hi Dkkgroundwork,

There will will be a way to create a code in QuickBooks desktop which hits all of the required VAT 100 boxes for the CIS reverse charge VAT code. With regards the software and it's workings, this will be the case on both a cash based and an accrual based VAT recording method.

However, for more advise on whether or not the new Reverse charge CIS vat code should be implemented on cash VAT, please see the following link.

https://www.gov.uk/guidance/vat-domestic-reverse-charge-for-building-and-construction-services#overv...

Thanks!

Thanks for your reply. I notice from the link you sent HMRC have in the last few days decided to delay the implementation for another year due to Brexit and business not being ready. 

Hi Dkkgroundwork,

Thanks for posting back. You are indeed correct, it would appear that the deadline has been extended until 01.10.2020, as per the link.

https://www.gov.uk/guidance/vat-domestic-reverse-charge-for-building-and-construction-services#overv...

Thanks,

Chris.