Level 1

Does anyone know information regarding the VAT Reversal Scheme starting 1st October and using Quickbooks?

 
QuickBooks Team

Banking

Thanks for dropping here, @davidgeal97.

 

I've got some details concerning the VAT reversal scheme in QuickBooks.

 

It has started last October 1, 2019, and specific for the VAT collected in the building and construction industry.

 

The customers that are receiving the service will pay the VAT due to HMRC instead of paying the supplier. It applies to business enrolled for VAT in the UK. It will affect if you supply or received particularised services that listed under the Construction Industry Scheme (CIS).

 

For more details about this topic, reference this link: VAT: domestic reverse charge for building and construction services. It covers what contractors and sub-contractors need to do on how to apply the reverse cost to services under your contracts.

 

I'll add these references for more information about editing settings, codes and rates for VAT and submit your VAT return in QuickBooks:

I'm only a post away if you have other questions with QuickBooks. Anytime I can assist. Have a great Sunday!