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While the insurance sector is facing something of a regulation minefield with the onset of GDPR, spare a thought for brokers who focus on construction insurance – because that is an industry facing even more complex and confusing issues in the form of ‘difficult to navigate’ tax legislation.
Now a new campaign is aiming to address the matter by providing Construction Industry Scheme (CIS) workers detailed guidance on tax and expenses concerns. Called ‘Knowledge is Power’, the campaign will also endeavour to raise awareness among construction workers as to how they can capitalise on their allowable expenses while complying with HMRC rules and regulations.
“As we have seen in recent weeks and months with the IR35 confusion, construction workers working as contractors under the CIS are lacking advice and guidance on taxation issues, especially with regard to their allowable expenses,” said DSR Tax Claims founder David Redfern. “As with our IR35 campaign, we have always aimed to make tax advice accessible to the average worker who doesn’t have access to expensive expert advice, and that is why DSR Tax Claims are launching our ‘Knowledge is Power’ campaign to bring that expert advice to those who need it.”
IR35 recently came under the spotlight – but not without raising even more questions – when a construction contractor won his appeal against HMRC. The case centred on whether the service provider should have been treated as a self-employed party or as an employee.
“This current ruling highlights just how difficult this taxation legislation is to navigate – for companies and contractors alike, the majority of whom do not have access to expert advice and have to muddle along the best they can,” Redfern previously told AccountingWEB. The tax expert went as far as describing IR35 as unworkable for contractors and in need of revisiting.
As for the ‘Knowledge is Power’ campaign, it will be rolled out with a free seminar on allowable expenses taking place on April 11 at DSR Tax Claims’ Nottinghamshire office. Those interested in attending the evening event are advised to contact the tax rebate firm.
