Rowena Clifton (RSM) explains the proposed new measures to tackle VAT and income tax fraud in the construction industry.
In the Spring Budget it was announced that HMRC would consult on a range of policy options to target tax fraud on supplies of labour in the construction industry with a particular focus on VAT and the construction industry scheme (CIS).
Why the need for additional measures?
Whilst HMRC recognises that the majority of businesses in the construction industry meet their obligations in full and on time it considers that organised crime continues to pose a significant threat to the public revenue. Some of the larger cases under investigation by HMRC are thought to amount to tens of millions of pounds each in VAT income tax and national insurance often accompanied by illegal working and benefits fraud.
HMRC perceives there to be two main routes for...
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Rowena Clifton (RSM) explains the proposed new measures to tackle VAT and income tax fraud in the construction industry.
In the Spring Budget it was announced that HMRC would consult on a range of policy options to target tax fraud on supplies of labour in the construction industry with a particular focus on VAT and the construction industry scheme (CIS).
Why the need for additional measures?
Whilst HMRC recognises that the majority of businesses in the construction industry meet their obligations in full and on time it considers that organised crime continues to pose a significant threat to the public revenue. Some of the larger cases under investigation by HMRC are thought to amount to tens of millions of pounds each in VAT income tax and national insurance often accompanied by illegal working and benefits fraud.
HMRC perceives there to be two main routes for...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
