HMRC issues CIS guidance

News Article - 24 May 2012
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This week, HM Revenue & Customs (HMRC) has issued guidance and a number of updates on the construction industry scheme (CIS).

HMRC advised that various correspondence should be sent to contractors and subcontractors to ensure they are prepared for the implementation of the new scheme.

Among the items was a covering letter, a helpsheet and a poster which illustrates how a subcontractor should be verified.

The helpsheets feature a monthly returns form with a key to how the form should be filled out.

Meanwhile, the covering letter urges workers to consider going online to file their monthly returns.

According to the correspondence, those who have received or are yet to receive their information packs of further guidance should be thinking about how they will make their monthly returns, whether they have confirmed the employment status of their workers and if they have produced payment and deduction statements.

Last week, the Institute of Chartered Accountants in England and Wales claimed that the cost of implementing the new CIS could reach ten times the amount estimated by the Treasury.

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