HMRC is increasing scrutiny of the construction sector, focusing on contractors making incorrect Construction Industry Scheme (CIS) deductions. As part of its compliance drive, HMRC is issuing nudge letters to contractors, reminding them to ensure accurate CIS deductions from subcontractor payments and outlining the rules.
Businesses receiving these letters should act promptly, as ignoring them could trigger a compliance check. If errors are discovered in CIS returns during such checks, contractors may face higher penalties, emphasising the importance of swift and accurate compliance with CIS regulations.
Find out what you need to know in this latest newsletter.
Also covered:
- HMRC construction industry concerns
- Extra staff for Christmas
- HMRC targets sales of cats and dogs
- Major change for holiday lets
- Jointly-owned property
- and other taxation matters