The Construction Industry Scheme (CIS)
The Construction Industry Scheme (CIS) is a series of regulations for contractors and sub-contractors within the construction industry.
If you work in the construction industry we can help you whether you are a contractor or sub-contractor and have over 160 shops and offices right across the UK making us easily accessible to you.
If you are a contractor we can:
- Register you with HM Revenue & Customs (HMRC) as a contractor
- Verify your subcontractors with HM Revenue & Customs
- Ensure you pay your subcontractors correctly within the scheme making deductions if necessary
- Supply deduction statements to the sub-contractors
- Keep your records in good order and supply HM Revenue & Customs with monthly returns
Make sure you do not incur penalties by failing to submit your monthly returns to HMRC. TaxAssist Accountants have many contractors as clients and can look after your needs quickly and efficiently. We make sure we are up to date with any changes to the law and as a client will always notify you of these changes.
If you are a sub-contractor we can:
- Advise on whether you fall into the sub-contractor or employee status (or both)
- Verify you with HM Revenue & Customs on behalf of your contractor (if needed)
- Keep your records in good order
Any contractor that you work for must decide whether you are to be treated as an employee for each and every contract. If their decision is that you are an employee for the purpose of the contract then the contractor will operate a PAYE scheme whereby tax and National Insurance contributions will be deducted from the payments made to you.
If and when you are verified as self-employed the payments by the contractor will be dealt with through varying types of deductions.
Your local TaxAssist Accountant can help you get your affairs in order before these new tax penalties come into force, so call us now on 0800 0523 555 or complete our contact form here.
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