Another fine mess?
Article Abstract:
Most contractors and subcontractors have recognized the Inland Revenue's new tax system for the construction industry ahead of the implementation deadline of Aug 1, 1999. However, penalties for non-compliance are focused on employers, who could find that they are regarded as negligent if they fail to comply with the scheme. The new rules replace the old construction industry's tax-deduction scheme under which many subcontractors were exempt from tax deduction if they held 714 certificates. The new scheme requires new certificates and, most significantly, expands the definition of who is regarded as a contractor. Details of the new regulations are presented.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1999
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Cost model
Article Abstract:
Property developers may find it useful to refer to taxation specialists when they are considering undertaking a refurbishment project, as tax deductions and allowances may have implications for the viability of the venture. Some aspects of a refurbishment project, which includes demolition work, a partial refit and repair work will be liable for tax relief. Tax relief is available on some 9,090,600 pounds sterling worth of the work carried out on the project. Repair work to the roof, floors and walls has tax relief status along with some items of equipment, such as the heating installation.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1999
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Be thankful I don't take it all
Article Abstract:
UK construction firms will find a 63% increase in corporation tax for the period 1999 to 2000, under new UK self-assessment taxation law which came into force in July 1998. The UK construction industry claim the new tax system will affect them at a time when they are facing adverse economic conditions. The new system will require firms to assess their own liability, which will then be checked on an ad hoc basis by the Inland Revenue.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1999
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