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Calls grow to scrap CIS tax scheme

July 18th, 2014

Calls are growing to scrap the industry’s CIS tax scheme as HM Revenue & Customs launches consultation on reforms to the current system.

Chancellor George Osborne conceded that changes to CIS were needed in his latest budget.

The tax man is now calling on construction companies for their views on the scheme which is estimated to cost the industry £250m a year in administration.

But industry experts believe the Government should be looking at scrapping CIS rather than just tinkering with the way it operates.

Howard Royse, construction industry representative of the Institute of Chartered Accountants in England and Wales (ICAEW), said: “It is important that people working in the industry take this opportunity to tell HMRC exactly what they think of CIS.

“We at ICAEW are currently formulating our reply, but HMRC have drawn up a very narrow agenda.

“If industry members want the Scheme abolished, they should say so.”

One trade contractor said: “I’d love to see the back of CIS. It’s been a pain in all its different guises since the beginning.”

For full details of proposed changes to the scheme and to have your say on its future click here

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