No
vouchers
Under
the new CIS, from April 2007 all of the old vouchers such
as the CIS23, CIS24 and CIS25 will become redundant. In addition,
the annual CIS return will also be scrapped. This at first
appears to be an advantage of the new scheme.
However, the current requirements will be replaced by a monthly
return. Contractors will have to make a monthly return
to the Revenue:
- confirming
that the employment status of subcontractors has been considered
- confirming
that the new verification process has been correctly dealt
with
- detailing
payments made to all subcontractors and
- detailing
any deductions of tax made from those payments.
The
monthly return can be sent either manually or electronically
and will relate to each tax month (ie running from the 6th
of one month to the 5th of the next). The deadline for submission
is 14 days after the end of the tax month. Even if no subcontractors
have been paid during a month, contractors will still have
to make a nil return. All contractors will be obliged to file
monthly even if they are entitled to pay their PAYE quarterly.
We
would welcome a call or email if you have any questions on
anything we have covered in this newsletter.
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C o m p l e t e
Regulated
to carry on audit work for a range of investment business
activities by the Institute of Chartered Accountants in England
and Wales