The government has announced that starting on 6th April 2015 it will be implementing various improvements to the Construction Industry Scheme (CIS).
HMRC say that the changes will help to reduce the administrative burden on construction businesses, and move more transactions online.
One change to the CIS that will start on 6th April 2015 is that contractors will no longer be obliged to file a nil return where they have made no payments to subcontractors in a tax month. They can still file a nil return if they wish but it will be voluntary rather than mandatory.
Further changes proposed also include:
1) Mandatory online filing of CIS returns from 6 April 2016
2) Mandatory online verification of subcontractors from 6th April 2017
If you have any questions regarding the construction industry scheme (CIS), please contact us.