The Joint Taxation Committee (JTC) consists of representatives from 11 major trade federations operating in construction as a means of jointly lobbying on those tax issues that affect firms in the industry.
It acts as specialist resource to member trade federations providing a source of high quality technical knowledge about all the taxes that apply to construction businesses. It produces guidance for member federations and their members illustrating how normal commercial practice can be monitored and, sometimes adapted, to allow good tax compliance.
Current issues under discussion with Government and HMRC are:
- the tax treatment of payments for project bank accounts
- the levels of penalties experienced for minor failures in CIS
Our relationship with trade federations and construction firms gives the JTC a valuable understanding of the pressures and demands placed on construction companies in relation to tax compliance and payment. This experience is vital when lobbying Government and HMRC for those measures which will help firms in the industry meet the requirements placed on them by legislation. It is essential to be able to give examples from day to day business experience and bring forward firms who can give a personal account of how legislation or compliance requirements affect their trade.
The Construction Industry’s Joint Taxation Committee produces a monthly Newsline which FIS members can download below. This contains helpful information on industry tax issues.
Members can contact the tax helpline for free telephone advice. Further details are below.
Current Edition – JTC Newsline – August 2022
Now that Making Tax Digital for VAT has started to bed in, we can expect to see HMRC starting to impose penalties for failures to comply with the detail of the legislation; so now is the time to make sure you have checked your process. More information on how to avoid penalties for Making Tax Digital for VAT is available here.
Wendy Bradley is the secretary of the JTC and has taken over from Liz Bridge who was in post since 1990.
Wendy is a former tax inspector and since leaving HMRC has had considerable experience in writing for various taxation publications.