The New Construction Industry Scheme

Key guidance on how to avoid the risks of non-compliance and penalties associated with the new scheme.

  • The New Construction Industry Scheme
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The latest version of the Construction Industry Scheme (CIS) takes effect from April 2007. Key features of the new scheme include:

  • the abolition of CIS registration cards
  • an onus on the contractor to verify each subcontractor's payment status with HMRC
  • the requirement for all contractors, including those small contractors who make payments of tax quarterly, to make a monthly return to HMRC within 14 days of the end of the tax month
  • a monthly declaration by the contractor that they have considered the employment status of each individual and are satisfied that the contracts, under which payments are made are not contracts of service.

Anything more than a minor compliance failure will put a contractor's own gross payment status (GPS) at risk. Loss of GPS will affect cash flow, with tax then being deducted by the payer, and may even put the future viability of the business into question.

How The New Construction Industry Scheme can help you:

The New Construction Industry Scheme provides detailed guidance and advice on the new regime to ensure you are fully versed in how the new scheme will work, what you will need to do and how you should conduct operations to guarantee minimum risk of penalty.

Contents Include:

  • History of the scheme
  • To whom and when it applies
  • How it works
  • What to consider when categorising workers
  • An outline of HM Revenue & Customs review procedures and what liabilities and penalties can apply for compliance failures
  • Tax position of Managed Service Companies

Who is The New Construction Industry Scheme ideal for?

The New Construction Industry Scheme will be ideal for Financial Directors, Tax Managers, Financial Controllers, Accountants, Managing Directors and Operations or Personnel Managers working in the construction industry, including limited companies, partnerships, trusts and self-employed individuals.

“Broken down into bite sized chunks of digestible information, with clear contents and index pages this book should be in the library of all businesses working in the construction industry... This book will definitely be kept at hand on my desk”

Book review — Accounting Technician, August 2007

Publication date:

  • March 2007

Author:

  • Grant Thornton UK

ISBN:

  • 978-1-84140-906-1

The package contains the following elements

  • The New Construction Industry Scheme

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  • The New Construction Industry Scheme Online

Price: Price on application.

The package contains the following elements

  • The New Construction Industry Scheme Online