Hacked by Loard Mahdi

Read more...

Breaking news from the BBC Paper tax returns to be replaced by digital by 2020

Read more...

HMRC issues Most Wanted list 16/08/12

Read more...

455,000 miss tax credit deadline

Read more...

Film producer guilty of VAT fraud

Read more...

 Contact Us

 
News Items
 
Tax Tips
 
Brilliant with numbers
Great with people
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
 
Helping Your Business is Our Business
 

Call us now on 023 8083 6900 ABDS Home

News - 18 July 2014

Plans to simplify the CITB Levy go ahead.
CITB, the Construction Industry Training Board, has approved a new, simplified levy calculation process. All construction industry employers are required to submit annual levy returns to the CITB, although only those with a wage bill exceeding £79,999 are required to make levy payments.
 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Following an 18-month consultation with industry and  extensive research with employers, the new process has been designed  by the Levy Working Party (LWP) – a group of industry representatives tasked with looking at how to simplify the levy process. According to Douglas Matthew, CITB Head of Levy and Grant, the new process will result in a levy increase for a minority of employers only, with 84% of employers are likely to pay the same or less Levy."
 
The new scheme:
  • maintains PAYE Levy at 0.5%
  • brings to an end the raising of  Levy on payments to Labour-only sub-contractors
  • ntroduces a Levy on payments made to Net (taxed) CIS sub-contractors,  using figures already provided by employers to HMRC
  • increases the size of the small business levy reduction from £100,000 to £300,000
  • removes the Labour-Only Payments Received offset mechanism, which affects less than 10% of all employers
 
All registered employers will receive a letter from next week, informing them of the changes to the Levy and the possible impact on their business.
 
Douglas Matthew said: “The changes have come in response to feedback from employers. They told us that the current process is complicated, time-consuming and can lead to extra administration costs. To give all employers time to prepare for the new arrangements, the changes will not be implemented until 2017.”
 
If you need any help and advice on Business Financial Planning and Development within the manufacturing and construction sectors, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
Brilliant with numbers  
Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
Helping Your Business is Our Business

 

« Back to News