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Operating the new construction industry scheme is not going to be easy, warns ANDREW GOTCH.
KEY POINTS
- HMRC has great discretion over how CIS is to operate.
- Any failure to comply will be classed as knowing.
- Difference in treatment between gross and 20% payees.
- Main pitfalls to beware of.
- Importance of accurate up-to-date records.
THE NEW CONSTRUCTION industry scheme started with a whimper on Good Friday 6 April 2007. However its low-key introduction on a bank holiday is by no means commensurate with the huge compliance burden that it places on the shoulders of those taxpayers to whom it applies.
The new system revolves around a system of registration and verification that is controlled by HMRC. A centralised database will enable HMRC to risk-analyse what is going on in the industry in a way that was possible before only with the most enormous expenditure...
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