Construction tax top of the agenda | 14 July 2014
Taxes levied at the UK’s construction industry could soon be scrapped, as pressure mounts on George Osborne to do away with them once and for all.
The Construction Industry Scheme (CIS) tax system is said to cost the UK £250 million in administration alone. Since being introduced, its critics have argued that the scheme has gone through many different iterations and amendments, all of which h ave been nothing more than an unnecessary struggle for the industry.
Now, the critics are fighting to have their voices heard after Osborne admitted in his most recent budgets that CIS changes were needed.
Just how much gets changed, though, is still up for debate. The scheme’s harshest critics have called for it to be abolished altogether, although many think a little tinkering is all that can be expected.
One of those speaking out about CIS is Howard Royse of the Institute of Chartered Accountants in England and Wales (ICAEW). He told constructionenquirer.com: “It is important that people working in the industry take this opportunity to tell HMR C exactly what they think of CIS.
“We are 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.”
Those wishing to discuss the matter have been advised to have their say on the gov.uk website.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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