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Obtaining Gross CIS Payment Status

2018-09-12T00:16:00+00:00September 11th, 2018|Categories: Blog, Taxation|Tags: , , , , |

Obtaining Gross CIS Payment Status Although the amount of tax ultimately paid on profits will be the same if you obtain CIS gross payment status, improvements in cashflow and reductions in the cost of credit, such as overdraft interest, should easily make the application process worthwhile. To be eligible to gain CIS gross payment status and receive payments from contractors gross, your ‘construction’ turnover, net of materials, has to be greater than £30,000. For partnerships and companies this limit increases by £30,000 for each additional partner or director, up to or exceeding £100,000. HM Revenue & Customs will [...]

MAKING TAX DIGITAL

2018-06-21T01:22:06+00:00September 23rd, 2016|Categories: Blog, MTD|Tags: , , |

MAKING TAX DIGITAL CONSULTATION OVERVIEW From 2018, the UK will have a digital tax system, which means most businesses, self-employed and landlords will need to use software or an app to keep their records digitally and update HMRC quarterly. This is all part of HMRC’s Making Tax Digital and with six consultations now released, here we review the key points you should be aware of. (If you are a small business or landlord you may be particularly interested in the exemptions section of Consultation One). Consultation One: Bringing business tax into the digital age This consultation focuses on [...]

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