tax

Businesses which provide construction services are urged to make themselves aware of changes to the way VAT is charged prior to the introduction of reverse VAT charging later this year. Changes to VAT charging are being introduced in order to tackle the growing problem of VAT fraud in the construction industry. Tax preparation expert and director of DSR Tax Claims Ltd, David Redfern, cautioned construction contractors to be aware of the new reverse VAT charge coming into effect in October 2019 and to ensure that their businesses are prepared for any potential impact, with smaller businesses likely to be more significantly impacted.

How will Tax Changes Affect you in April 2019? A Guide to Tax Changes for Tax Year 2019/20 for Individual Taxpayers and Businesses

Is your business due a shake-up? Plumbers should be sure to include some of the following advice for making tax simpler, less time-consuming and easier on your wallet.

1. Ditch the accountant 

In the past, an accountant was crucial to making your funds watertight. But now they’re becoming redundant, or at least overpriced (by and large) for the services they offer. Whereas an accountant would charge, on average, around £250 to complete your Self Assessment tax return, it’s now easy to do this yourself. 

Digital software such as SimpleTax gives you an accurate picture of your income and expenditure, while guiding you on how your Self Assessment should be composed. Cost-wise, these tools start from as little as £25 for an annual subscription.