| |
|
| |
April 2007 sees the scrapping by HMRC of existing CIS arrangements, and its replacement by the New CIS scheme. The details of the scheme are complex and are the source of a great deal of concern amongst businesses of all sizes, not least because of the potential costs of getting it wrong.
Amongst the points to be noted:
|
| |
|
|
| |
 |
You must not treat anyone as being CIS until their status has been verified by HMRC.
|
| |
|
|
| |
|
You will no longer be required to make an annual return. Instead you must submit a detailed return every month.
|
| |
|
|
| |
|
If a business fails to submit its return by the 19th of every month, it will be subject to an automatic financial penalty.
|
| |
|
|
| |
|
Negligent or fraudulent returns may be financially penalised
|
| |
|
|
| |
|
A significant proportion of current CIS workers may need to be reclassified as employees
|
| |
|
| |
Judicium can help you prepare for New CIS system and can ensure that your business mitigates its exposure both to excess costs and increased red tape. To find out more on how Judicium can assist you please call 0870 744 7431 or email us on enquiries@judicium.com. |
| |
|
|
