Since the publication of the consultation document, Heads Engineering has been continually working with its key payroll provider Pinnacle considering the potential impact of the proposed legislation on CIS contractors. The consultation period has now closed and we are waiting to see if consultation has resulted in any changes to the proposed legislation, and if HMRC produce revised guidance on how the legislation is intended to operate.
Heads Engineering will work to ensure that any necessary changes are introduced with the minimum of disruption
As the consultation included only draft legislation and an intention to introduce the new legislation from 6 April 2014 Pinnacle have continued to provide a compliant self-employed service to its CIS contractors. Heads Engineering and Pinnacle are currently in discussions with legal and tax advisors to ensure a compliant solution is provided once any change in the legislation occurs – The intention is that Pinnacle via Heads Engineering will work to ensure that any necessary changes are introduced with the minimum of disruption to their and our service.
As the Budget will be held on Wednesday 19th March 2014, we would expect new guidance to be published on or around that date and final legislation to be announced in the Budget.
Shortly after the publication of the new legislation, or indeed any related material from HMRC we will assess the potential impact and needless to say, we will keep you informed of any key issues as they arise.