Many owners of businesses not engaged in construction work will probably know little or nothing about the construction industry scheme (CIS). This is perhaps understandable, as the definition of ‘contractor’ for CIS purposes means that non-construction businesses are generally excluded, unless average annual expenditure on construction operations (normally measured over a three-year period) exceeds £1 million (FA 2004, s 59(1)).
Mark McLaughlin has written an article in which he warns owners of businesses with properties that becoming too involved in construction or improvement work on their properties could have unexpected and unwelcome results.
It is a sample article from our popular Property Tax Insider newsletter but you can read it right here:
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