V6.196 Introduction

Construction Industry

V6.196 Introduction

Most contractors in this industry, as in most industries, will be concerned with three particular aspects of VAT—

  1.  

    (a)     Are they charging and accounting for the right amount of output VAT?

  2.  

    (b)     Are they maximising their input VAT recovery according to their statutory entitlement?

  3.  

    (c)     Are they achieving these goals whilst keeping their VAT administration costs to a minimum?

Correctly answering these questions is far from a simple proposition for the average contractor, and even the largest contractors with experienced in-house tax and VAT managers will experience difficulties. Often the temptation is to take a simple

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