The New Construction Industry Scheme: A Practical Guide to Compliance [154130]

£90.00

This new book provides you with all the New CIS guidance you need. It walks you through the new rules, explaining them clearly and offering practical help along the way. The content includes extended coverage of employment status issues and covers all of the practical aspects of the new regime including registration, verification, monthly returns, the compliance test and how to handle an Inspection. The book even includes guidance on the related topic of Managed Service Companies. Extensive appendices include all relevant HMRC material and a practical walk-through the Employment Status Indicator tool. If you're a tax advisor, accountant or a finance director; a contractor or a subcontractor, this book will help you ensure full compliance.

Contents:

"1. The new Construction Industry Tax Deduction Scheme:Development of the new scheme; Primary legislation; Secondary legislation; HMRC guidance;2. Background to the CIS and the Tax Deduction Principle:The background; The Tax Deduction Principle; The first Construction Industry Scheme; The second Construction Industry Scheme; The new Construction Industry Scheme;3. To whom does this apply?Scope of the scheme; Construction contract; Subcontractors; Contractors; 'Deemed' contractors; Not contractors;4. Exemptions:Summary; Exemption: recipient registered for gross payment; Exemption: payments treated as earnings from employment; Exemption: deemed contractors; Exemption: charities as contractors; Exemption for small payments; Exemption for payments to the owner of land on which work is carried out; Reverese premiums; Payments made as agent for the LEA; Exemptions for public bodies: private finance arrangements;5. Non-UK businesses operating in the UK:Non-resident businesses generally; Non-resident companies registered as contractors or subcontractors; Non-resident individuals and partnerships registering for the CIS; Non-resident subcontractors who do not register; Obtaining National Insurance numbers and UTR's; Foreign language facilities; Repayment of CIS deductions where there is a double taxation agreement; Repayment of CIS deductions where there is no double taxation agreement; 6. How to register:Registration as a contractor; When to register as a contractor; The registration process; Multiple schemes: election by contractors; Groups of companies; Registration as a subcontractor; Subcontractors: registration as self-employed;7. Contractor obligations:Registration; Employed or self-employed; Employed workers; Self-employed subcontractors; CIS payment status: verification; Deduct tax;Keep records; Make a monthly return; Provide subcontractors with statements; Pay over the tax deducted; Due dates for payment;8. Construction operations:Statutory definition; Comparison with old scheme rules; Importance of definition; Guidance on terminology; Summary;9. Employment status:Introduction; CIS employment status declaration; It is wrong to assume HMRC has accepted self-employment; An existing self-employment does not automatically transfer; Subcontractors under greatest scrutiny and risk; How to determine the employment status of workers;Case law guidance; The 'irreducible minimum'; Other key factors of employment or self-employment; The intention of the parties; Contracts; Still not sure? Summary;10. Verifying new subcontractors:Overview; Legal background; Repeated engagements; Change of status by subcontractors; Practicalities: early days of the new scheme; Practicalities: form CIS333; Practicalities: new subcontractors; Responses to verification applications; 11. Paying subcontractors:Employment status; Verification; Making payments: subcontractors registered for gross payment; Making payments: subcontractors registered for net payment; Payment advice.

The New Construction Industry Scheme: A Practical Guide to Compliance

Author:	Benneyworth, Rebecca; Evans, Mike
Date Published:	February 2007
Document Type:	Books
Format:	Paperback
ISBN:	0754533174
ISBN13:	9780754533177
Publisher:	LexisNexis UK

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