CITB

CITB

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I have a limited company client who has just received a significant CITB levy liability for 2018/19. The sum is significant and the accounts for the year ended 31st January 2019 and 2020. have already been filed at Companies House and with HMRC..I understand that the 2019/20 liability is following which again will be a significant sum. What now is the best way to proceed? Is it to amend the accounts and tax returns and refile? Many thanks.

 

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By Wanderer
05th Oct 2020 15:50

Define 'significant'.

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By mikeyban
05th Oct 2020 16:46

Material..... at least half the taxable profit....

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Replying to mikeyban:
RLI
By lionofludesch
05th Oct 2020 18:25

Well, for me, this isn't something for which you'd amend the accounts.

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Red Leader
By Red Leader
05th Oct 2020 17:01

Is the levy correct? Many small businesses qualify for zero levy.

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By mikeyban
05th Oct 2020 17:08

Yes it is......they have a large amount of labour only sub contractors...

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By New To Accountancy
05th Oct 2020 21:58

Hi
I may be of no help at all but a few years ago a colleague of mine had the same situation and whilst I can't answer any questions (as I never dealt with it) I just remember they ended up incorporating another Company name and paying the subs through this new Company. Whether that was the right thing to do or even allowed, I don't know, I just remember that was the outcome. Sorry I can't be more helpful.

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