Pre-Budget statement: Construction industry tax changes
The government has announced a simplification of the controversial construction industry tax scheme, which includes a U-turn by the Inland Revenue.
The government has announced a simplification of the controversial construction industry tax scheme, which includes a U-turn by the Inland Revenue.
The new scheme, introduced last year, limited the number of companies who could qualify for a CIS5 certificate – cutting down the amount of administration involved in receiving payments.
Other companies got a CIS6 certificate which meant they had to produce the certificates in person when receiving payments – involving much travelling and hassle.
The pre-Budget announcements include a statement from the Inland Revenue saying that any business with revenue in excess of £1m can qualify for the CIS5, and this is extended to some partnerships.
The move follows discussions by a joint working group set up to try and make the new scheme work.
Alastair Kendrick, tax director at Ernst & Young, said: ‘Why didn’t they consult and get the scheme right before it was introduced? They are correcting something that should have been introduced from the outset and would have saved a lot of aggravation.’
The numbers you crunch tell a story. Your expertis...
24yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article