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Business Software
News Release from: Mardak | Subject: CIS Changes
Edited by the Buildingtalk Editorial
Team on 07 April 2006
Free CIS Changes for 2007
Mardak will be supplying the 2007 CIS changes automatically as part of its standard annual support.
Mardak will be supplying the 2007 CIS changes automatically as part of its standard annual support These legislative changes are mandatory and will be available well before the end of 2006
This article was originally published on Buildingtalk on 22 Nov 2007 at 8.00am (UK)
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The new Scheme has been introduced to remove some of the administrative burden of the current paper based scheme and provide an alternative way to satisfy the CIS requirement.
Below is an extract from the HMRC web site: There will no longer be any need for CIS cards, certificates or vouchers.
Contractors must check or 'verify' new subcontractors with HM Revenue and Customs.
Subcontractors will still be paid either net or gross, depending on their own circumstances, but it will be HM Revenue and Customs who tell the contractor which treatment to use during verification, not a piece of plastic.
There will also be a higher rate tax deduction if a subcontractor cannot be 'matched' on our system.
This rate will apply until the subcontractor contacts HMRC and registers or sorts out any matching problem.
There will no longer be CIS annual returns.
Contractors must make a return every month to HM Revenue and Customs, showing payments made to all subcontractors.
This will be sent to them in good time, and pre-populated from existing records.
Contractors must declare on their return that none of the workers listed on the return are employees.
This is called a Status declaration.
Nil returns must be made when there are no payments in any month.
These can be made over the telephone as well as via the internet or on paper, but they must be made - there will be financial penalties for failure to submit a return.
The vast majority of subcontractors registered under the existing CIS rules will be transferred over to the new system and will not have to re-register.
New subcontractors, and those that formerly held only temporary registration cards that expired before new CIS starts, will be required to register with HM Revenue and Customs.
The HMRC are doing away with current CIS cards, certificates or vouchers.
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