HMRC has updated its guidance CIS 340 to reflect changes introduced to the construction industry scheme (CIS) from 6 April 2021 to prevent abuse of the CIS set-off process.
The revised guidance covers:
Legislation to bring in these changes was included in Finance Bill 2021 Sch 6 and is intended to apply from the start of the 2021/22 tax year, although the extension of penalties to those exercising influence or control will have no effect in relation to statements made, or documents provided, before 6 April 2021.
HMRC has updated its guidance CIS 340 to reflect changes introduced to the construction industry scheme (CIS) from 6 April 2021 to prevent abuse of the CIS set-off process.
The revised guidance covers:
Legislation to bring in these changes was included in Finance Bill 2021 Sch 6 and is intended to apply from the start of the 2021/22 tax year, although the extension of penalties to those exercising influence or control will have no effect in relation to statements made, or documents provided, before 6 April 2021.