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The Construction Industry Scheme (CIS) sets out the special tax rules for subcontractors who work in the construction industry and how payments must be handled by contractors.
Make sure you do not incur penalties by failing to submit your monthly returns to HMRC. TaxAssist Accountants work with numerous contractors and are equipped to deal with your needs efficiently. By making sure we are always up to date with any changes to the CIS regulations we can notify our clients quickly of any changes that may affect them.
Any contractor that you work for must determine whether or not you are to be treated as employed or self-employed for each and every contract. If you are an employee for the purpose of the contract, the contractor will need to operate a PAYE scheme whereby tax and National Insurance Contributions will be deducted from the payments made to you.
If you are self-employed, HMRC will register you as a sub-contractor under the CIS scheme and they will set you up to receive payments ‘under deduction’. This means contractors must make a deduction of tax at 20% (30% for unverified subcontractors) from the labour element of your invoices and pay it over to HMRC.
Whether you are the contractor or the sub-contractor, your local Direct Assist Accountants can help you keep your CIS affairs in order.
The above are just some of the services our Bookkeeping Managers can help you with, for a more detailed discussion please contact us today on 0203 633 2018 or complete our online contact form. We are here to help you start and grow your business and take the burden off you so you can get on with running your company.
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