|
Written by Richard Marjoribanks
|
|
Thursday, 22 March 2007 |
 Getting ready for the new CIS.December brought final formal confirmation that the new Construction Industry Tax deduction scheme will commence in April as expected. Some readers may have hoped for yet another delay to the start of the scheme, but the commencement order has now been approved so it’s all systems go for Good Friday start. (We may have wished for a better beginning!) What do contractors and subcontractors need to do now to be as prepared as possible for the new scheme? How will it differ? Contractors The brunt of the new scheme will fall on contractors, who will have to make changes to their procedures to comply with the new arrangements. In essence the new scheme works in the same way – registered contractors must deduct tax from payments to subcontractors for work on construction operations. However, this really is the limit of the similarities for contractors. Firstly, there are three categories of subcontractor, rather than two, and checking their payment status will no longer be done by asking to see their documentation. So let’s start from the beginning. |
|
Last Updated ( Friday, 23 March 2007 )
|
|
Read more...
|
