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Changes coming to clamp down on CIS tax fraud cases

Home / Blog Entry / Changes coming to clamp down on CIS tax fraud cases

We’re confident that virtually all within the sector would agree that the Construction Industry Scheme (CIS) has enabled a much smoother management of taxation requirements and obligations. A rather unfortunate consequence of the system is that certain overlooked loopholes are allowing some a means by which they can commit fraud. It is quite possible that you have recently seen a number of stories relating to high profile cases in which those engaged in this form of criminal activity have been caught and brought to justice.

As one of the foremost CIS accountants in London we always keep up to date with such cases, as well as the measures introduced to close the loopholes which allowed them. We consider it vital to be aware of all incidents and changes as soon as possible so that we may be of the best service possible to our clients. The tax efficiency management we offer in relation to CIS is beneficial enough without needing to look at ways of how to cheat the system – but it is important to ensure that there is no accidental failure to comply with requirements.

One of the most significant changes being brought about to combat fraud in terms of CIS tax obligations is the introduction of the Common Reporting Standard (CRS) in September 2017. In short it can be said that the change will see criminal charges being brought against companies that do not take measures to prevent tax evasion. Businesses must ensure that their risk assessments and reporting procedures are complete and compliant with HMRC expectations.

We provide comprehensive accounting services in respect of the CIS system. Over the years we have built up an unparalleled level of performance in providing the most beneficial work possible to those involved within the building and construction industry.

Should you wish to make sure you are in the best and most efficient position possible in terms of CIS – both with respect to compliance and taxation – then you want to speak to us. If you contact us through our website or via the phone one of our team of dedicated specialists will be delighted to discuss how we can help you.