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Self-employed construction workers have been asked to seek an expert independent review of their current working arrangements as HM Revenue and Customs (HMRC) ramps up its investigation over ineligible schemes.
 
Contractor financial services firm, Outsauce believes many SME contractors are using schemes they aren’t eligible for and risk being pursued by HMRC further down the line.
 
Miles Lloyd, CEO of Outsauce, believes a simple sanity check will ensure individuals are using the best scheme available for their professional circumstances – including full compliance with tax and legislation.
 
“With a large number of construction workers operating on a self-employed basis, many individuals – particularly those who have operated alone for a number of years – are using schemes that they simply aren’t eligible for,” said Lloyd.
 
“Given that HMRC is using construction as a target sector for onshore legislation, the risk of contractors being pursued in retrospective HMRC investigations has never been higher so contractors should act now to protect themselves.”
 
A thorough independent audit is likely to be the best way for construction contractors to find out if they are using the optimum model, as it pays particular attention to personal circumstances, tax compliance and take home pay.
 
“I would encourage contractors to ensure the review is conducted by an impartial service provider offering all three HMRC recognised models: self-employed/CIS, employed/umbrella and PSC/Limited Company. This way they will know that all options have been carefully considered when a recommendation is made,” added Lloyd.

Date published 19 Sep 2014 | Last updated 19 Sep 2014

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