Construction Industry Scheme: Guidance and Commentary 3rd Edition

Taxation

Construction Industry Scheme: Guidance and Commentary 3rd Edition

By Howard Royse
Claritax Books November 2021

Specifications

ISBN-13
9781912386451
Publisher
Claritax Books
Publication
November 2021
Format
Paperback
Jurisdiction
U.K. ? Countri(es) for reference only
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Details

A practical guide to dealing with the requirements of the Construction Industry Scheme, based on years of experience gained by the author in representing clients, liaising with HMRC and working in the construction industry. The book complements and expands upon HMRC’s publication CIS 340. It includes observations on the various CIS consultations held by HMRC and responses issued thereafter.

The third edition has been substantially updated, including an array of new case decisions. One of these cases serves as a reminder of the importance of the rules, as a misinterpretation of the CIS legislation cost the taxpayer more than £1.7 million. The new edition also covers recent revisions to the regulations, and changes arising from the 2020 consultation.

Table of Contents

Abbreviations
Reading notes
Introduction
1. History
2. Basics of CIS – April 2007 to date
3. Scope of construction operations
4. Contractors and sub-contractors
5. Verification
6. Agents and CIS
7. Gross payment status
8. Potential loss of gross payment status
9. Penalties
10. Materials
11. Redemption of CIS deductions – individuals and partnerships
12. Redemption of CIS deductions – limited companies liabilities
13. Self-employment and its interaction with CIS
14. Failure to deduct – reg.
9 and 13
15. Impact of the scheme
16. Test cases
17. Test cases – how to use the decisions
18. Improving the operation of the CIS
19. CIS equivalents in other countries
20. The future of the CIS
21. SI 2005/2045 – the Income Tax (Construction Industry Scheme) Regulations 2005
Appendix 1: CIS – estimated annual cost to industry
Appendix 2: Inland Revenue statement (1975)
Appendix 3: FA 2004 – key legislation
Table of primary legislation
Table of statutory instrument 2005/2045
Index of cases
General index
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New Edition is available now !
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