I know about the Statement of Deduction for our sub-contractors but has anything replaced the CIS24 certificate we used to give out after receiving a payment for work? I have been through the paperwork they sent me about the scheme but can find nothing relevant. I am new to this!
2007-08-14 01:49:24 · 1 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
There are no direct replacements for these vouchers. The procedure is now the same for all subcontractors - the only difference being the amount of tax deducted (0%, 20% or 30%).
The rate of deduction is confirmed when the subcontractor is verified. The onus is on the contractor to report monthly the subcontractor payments made. This monthly return will, as far as HMRC is concerned, replace all the various vouchers in the old system.
In this respect it is simpler than the old scheme.
You probably know more about the scheme than you think since I have come across a number of contractors who have not heard of the Statement of Deduction.
2007-08-14 04:00:16 · answer #1 · answered by tringyokel 6 · 0⤊ 0⤋