CIS rule changes

[jerryg]

Changes have happened and as usual the government has decided to take more of our hard earned money. The commencement date for the new Construction Industry Scheme was confirmed as 6th April 2007. The deduction rates for the new scheme will rise to 20% (from 18%) for sub-contractors registered with HMRC for payment under deduction and 30% for those not registered. It shouldn't make any difference to those already registered under the old scheme as they "should" just be transferred across but anyone new starting off as a contractor please make sure you are registered.

[jerryg]

I know it looks daft me replying to my own posting but there is some good news regarding the CIS changes after all. This is that charities have now been given the option of not acting under the CIS rules regarding deduction of tax. This means that the National Trust no longer takes tax off us.

[donald]

The changes also mean the paperwork is all done by the main contractor, and you don't need a card, just your reg no.sop it can't be nicked.
A pretty fair 2% extra I'd say.

[alan devonport]

Another factor to think about is with regards to the contractor. They now have to supply monthly tax returns, plus monthly payments(not quarterly), by the 20th of each month or they get a £100 monthly fine. I must say as a contractor aswell as subcontractor that it's a real pain in the ......

[adtoemmachan]

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Nigel.