Hot Topics

Question 1

What is Domestic Reverse Charge

Answer 1

• It was introduced in October 2020
• Main Contractors will no longer make VAT payments to their supply chain, instead it is paid directly to HMRC

Question 2

What are the effects of DRC?

Answer 2

• The revenue has resulted in a reduction in cashflow for suppliers
• A longer term effect may see prices within the industry as Subcontractors mat seek short term borrowing to recover the shortfall caused by DRC

Question 3

Are you aware of the RICS blackbook?

Answer 3

• It provides best practise guidance and knowledge for quantity surveying on areas such as contact selection, cashflow forecast and cost analysis
• The RICS is currently undertaking a review on the content with an aim of producing a new edition

Question 4

Are you aware of any guidance for the use of social media?

Answer 4

• RICS introduced the guidance note ‘Use of Social Media’ that took affect from 30th June 2021
• It sets out the standards stipulated in the RICS Rules of Conduct

Question 5

Are you aware of the RICS Business Plan for 2024?

Answer 5

• Significant focus on improving the candidate experience
• A new commercial strategy to drive more investment into the services for members
• A report on the technology road map set out the costs and benefits of the proposed transformative

Question 6

Are you aware of the Bichard Review?

Answer 6

The aim of the review was to create a new sense of purpose and direction for the RICS
Contained 36 recommendations including:
- Commercial activity to be separated from other activities at the RICS
- RICS matrix should be re-invigorated to give younger members a stronger voice
- RICS should reaffirm its commitment to work in the public interest

Question 7

Are you aware of the Levitt Report?

Answer 7

• External independent review into the RICS published in September 2021
• Concluded that there were issues in the RICS governance structure and a lack of clarity about the roles and responsibilities of boards, senior leadership and management

Question 8

What current topical issues are you aware of in the industry and the profession?

Answer 8

I have read an RICS article on how AI will affect the role of a quantity surveyor which covered its assistance with
- Cost forecasting
- Take offs
- Streamline the process off preparing tender and contract documents