Delay VAT reversal scheme for construction industry

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Delay VAT reversal scheme for construction industry

Petition Details

The VAT reversal scheme is due to be implemented from 1st March 2021
However due to the current situation of a pandemic crisis this is not the right time to implement and should be delayed.

Additional Information

The VAT reversal scheme has already been delayed from Oct 2020 to March 2021 due to the COVID pandemic but should be delayed further.
This affects the Construction industry; one of the few trades that has been able to continue throughout the pandemic.
However the impact of implementing this now could have major negative consequences. The cash flow of SME businesses will be drastically hit & result in company closures and further redundancies. The only ones to benefit from this change is HMRC

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