Guidance and information is being produced by HMRC to help ease the time and cashflow burden faced by subcontractors. ACCA and other professional bodies have provided input.
The first guide Construction Industry Scheme (CIS) repayment claims for limited company subcontractors is a two page factsheet that answers key questions that will assist subcontractors in speeding up the repayment process. It looks at:
- registering as a subcontractor
Two of the key questions answered in the guidance in the repayment section are:
- The company has other HMRC liabilities. Will this affect my repayment?
- What information will I need to provide to have my repayment set off against other liability?
Further guidance to support repayment claims will be published over the next few weeks. Check ACCA’s Technical Advisory webpages for the latest updates.
Article contributed by ACCA