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Changes to CIS?

As promised in the 2014 Budget H M Revenue & Customs yesterday issued a consultation document about possible changes to the day-to-day operation of CIS.

The majority of the suggestions concern the administration of the scheme rather than the nitty gritty – although the document does query how to encourage more sub-contractors to obtain gross payment status (without reducing the turnover test – HMRC believes that the £30,000 per partner/director test “remains appropriate”). Apparently there are over 50,000 businesses with a turnover in excess of £30,000 who do not  have gross payment status – perhaps HMRC is misunderstanding psychology here – suffering deductions is as good a way as any for saving for your tax bills!

As ever with HMRC consultations, there are plans to remove existing non-electronic options – thus HMRC would like to remove the option to verify subcontractors by phone – you would only be able to do it online – although HMRC does suggest a verification “app.”

In addition the consultation looks at the possibility of integrating the PAYE/RTI and CIS return regime, and also removing the need for nil returns (but contractors would still need to file a “simple nil voluntary notification” to avoid a penalty notice!)

It must be emphasised that this is a consultation document only so watch this space for further announcements.

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