Construction Industry Latest Updates
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There are a number of challenges the construction industry is facing right now. Some are the same the sector has always faced, but newly heightened following COVID-19. On the other hand, the pandemic has brought new issues that are impacting productivity across the board.
At Accurox, we are more than familiar with these issues. We have years of experience working with construction industry businesses. We’ve brought our knowledge to bear on this subject and the result is our booklet Challenges Facing the Construction Industry Post COVID-19.
The previously delayed VAT Domestic Reverse Charge (DRC) comes into effect on March 1st, 2021. The DRC is essentially a change in the way VAT is handled for some construction services and the materials used, where they are supplied directly by construction and trade businesses. According to HMRC, the reason it is being introduced is to reduce fraud in the building and construction industries