Eye-watering statistics just completed by Lloyd Dowson and their CIS Experts service – the Yorkshire chartered accountants that have worked with Hudson Contract for seventeen years – reveal that freelance builders ‘lend’ over one billion pounds to the Treasury on an annual basis. . . and without receiving any interest.
Lloyd Dowson’s data from tax returns completed on behalf of 927 people who work on building sites on a self-employed basis reveal the following:
How does this translate to £1 billion?
Figures published by the Office of National Statistics to account for those working in construction as employed and self-employed between April – June 2013 state that 680,298 worked either wholly or partially on a self-employed basis. So if you apply the findings from the 927 to the whole of the freelance construction workforce, CIS Experts calculate:
But one billion pounds is just the half of it. . .
If a one billion pound interest-free loan isn’t enough of a benefit to the Treasury, consider what another chartered accountant has discovered through a Freedom of Information request to HMRC. The question asked was, “How much CIS tax deducted at source has gone unclaimed by those taxed as self-employed in recent years?”
The answer was relayed to me as, “In excess of one billion pounds”.
So that’s almost one billion ‘loaned’ and a further billion described as being ‘given’… an outstanding contribution to the economy by any measure of judgement…
With the assistance of ourselves and counsel, Hudson Contract has established itself as a perfectly proper, legitimate and ethical business by way of two legal tax rulings in 2002, and 2005. On this firm basis, we unreservedly endorse the validity of the services that are offered to the construction industry by Hudson Contract. Lloyd Dowson Chartered Accountants
Since 1997, Hudson Contract has operated a number of bank accounts with the utmost honesty and integrity. Through several audits with the bank's senior leadership we have obtained a full appreciation of what their service entails and have satisfied ourselves to the nature and integrity of this business. Barclays Bank
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