This course will provide a very practical insight into how the Construction Industry Scheme (CIS) currently works in practice, and will explain the tax responsibilities and functions of both the contractor and subcontractor. Additionally, the area of employed or self-employed, and IR35 will be addressed. The course will also highlight and clarify the considerable forthcoming changes, to be introduced, that will affect the CIS tax regime.
The course will include practical case studies to work through and review. These will be based on the completion of monthly CIS returns, verification and the production of CIS tax deduction statements.
An introduction to the scheme – who it applies to and how it operates
The obligations of contractors, both mainstream and deemed contractors, and a look at the exclusions
Subcontractor obligations and a brief look at the risks of engaging labour-only individual subcontractors and the ‘right to work’ checks
Registration procedures for contractors and subcontractors and how to obtain and maintain subcontractor gross payment status
In or out, an understanding of the work that comes within the scheme (construction operations), a look at the exclusions and advice on issues of doubt and differing contractual arrangements
What to do when making payments to subcontractors, understanding the payments that require deductions and where deductions are not required
Online submission of CIS300 monthly returns by contractors, including online and telephone amendments
Making payments to HMRC accurately and on time and advice on cashflow difficulties and how to set-off CIS deductions suffered by subcontractors
The CIS penalty regime, deadlines and appeals procedures
What to do when the taxman calls!
WHO SHOULD ATTEND
This course is aimed at delegates who require a practical, detailed understanding of the current Construction Industry Scheme tax administration requirements and rules. The full practical impact of CIS tax will be reviewed, together with an update of recent developments.
This course will also act as a useful CIS tax refresher for delegates who have previously dealt with the CIS regime, and need a practical and detailed update.