C.I.S. Archives - Potts & Co

Jun 10 2024

New VAT Compliance Test For CIS

By admin C.I.S., HMRC, Potts & Co Accountancy & Business Advice News, VAT

HMRC has issued guidance on various changes to the existing construction industry scheme (CIS) rules. If you are a sub-contractor, obtaining gross payment status (GPS) allows you to receive full payments from your customers without tax deducted. To achieve GPS you need to prove that you or your business: •…

Mar 13 2022

Declare Your COVID-19 Grants

By admin C.I.S., Coronavirus Job Retention Scheme (CJRS), Corporation Tax, Covid-19, Grants, HMRC, Potts & Co Accountancy & Business Advice News

The Covid-19 support grants (CJRS, SEISS and Eat Out to Help Out) are taxable and should be declared on your business' tax return. For corporation tax (CT) you must report amounts received in the accounting period covered by the return, not grants claimed for the period and paid in a…

Apr 03 2021

VAT For Sub-Contractors In Construction

By admin C.I.S., HMRC, Potts & Co Accountancy & Business Advice News, VAT

A fundamental change to VAT charged within the construction industry came into effect on 1 March 2021. As a sub-contractor you should no longer charge VAT on your invoices to other businesses in the construction industry if all of the following conditions apply: the work done would be subject to…

Sep 26 2016

Issues With The CIS

By admin C.I.S., Potts & Co Accountancy & Business Advice News

As a contractor in the construction industry, you must submit online monthly reports of the payments you make to subcontractors (CIS reports). But before you pay a subbie you need to verify with HMRC whether they should be paid net or gross. This verification can be done by phone or…

C.I.S.

New VAT Compliance Test For CIS

Declare Your COVID-19 Grants

VAT For Sub-Contractors In Construction

Issues With The CIS

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