CIS update – dn’t get caught
HM Revenue & Custms(HMRC) is nw well int their rlling prgramme f cmpliance reviews fr all sub-cntractrs registered t receive payments grss under the new Cnstructin Industry Scheme (CIS) rules. This has prvided an untimely shck fr a numbe
HM Revenue & Custms(HMRC) is nw well int their rlling prgramme f cmpliance reviews fr all sub-cntractrs registered t receive payments grss under the new Cnstructin Industry Scheme (CIS) rules.
This has prvided an untimely shck fr a number f unfrtunate subcntractrs when they receive ntificatin that they are t lse their right t receive payments frm cntractrs withut deductin f tax because f lapses in their cmpliance recrd.
Nick Pllingtn, a partner at Price Bailey Chartered Accuntants and resident expert n the CIS, said: "The lss f grss payment status can have serius cash flw implicatins particularly fr unincrprated businesses such as sle traders and partnerships.
He adds: "It can als cause irreparable damage t a business' reputatin and credibility in the market place. This can ultimately lead t the lss f lucrative cntracts where the main cntractr has strict deadlines and is wary f being let dwn."
You may also want to watch:
The cmpliance test has als caught ut ne r tw new applicants where a pr histry f cmpliance has led t the refusal t grant grss payment status. Fr a fledgling business this decisin culd be critical. In all cases, the subcntractr has the right f appeal and it is wrth cnsidering.
Nick cmments: "A successful appeal will ultimately depend n the strength f the case put frward. Start by analysing the reasns given by HMRC fr their decisin and ensure they are factually crrect. Ensure these cmpliance failures d nt fall within thse minr breaches that HMRC's wn guidelines state will be ignred. And, if all else fails, d yu have a reasnable excuse."
- 1 Bullying and insider trader claims pile up against former deputy leader
- 2 Hundreds go bargain hunting in the sun at first car boot since lockdown
- 3 Fears for historic vicarage council fought to save
- 4 Police officer sacked for racially abusing colleague at Christmas party
- 5 Three arrests after suspected brothel discovered
- 6 Large illegal knife and 45 cannabis plants found in police raid
- 7 Cheers! Busy first weekend back for pub post-lockdown
- 8 Former homeless recreate ‘Lunch atop a Skyscraper’ photograph
- 9 City’s first Asian grocery store coming to market place
- 10 High Sheriff of Cambridgeshire honoured with new role
Fr further guidance, cntact Nick Pllingtn at Price Bailey Chartered Accuntants n 01353 662892 r email email@example.com.