CIS
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The new construction Industry Scheme was launched in the 6th April 2007. The new scheme sets out the rules for how payments to construction subcontractors must be handled by contractors.
All payments made from contractors to subcontractors must take account of the subcontractor's tax status as determined by the HM Revenue and Customs. The aim of the scheme was to improve the regulatory burden of the Scheme on construction businesses and to improve the level of compliance by the construction industry with tax obligations.
What are the new rates?
The new deduction rates for the scheme are 20% for subcontractors registered with HMRC for payment under deduction and 30% for those who are not registered.
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