The Construction Industry Scheme (CIS) affects contractors and subcontractors working in the construction sector. Find out who needs to register for CIS, what your record-keeping responsibilities are, and what registration means for your tax bill.
The Construction Industry Scheme (CIS) is in place to tackle the risk of tax avoidance within the construction sector. It means contractors must deduct money from their subcontractors’ pay, and then send these deductions to HMRC as advance payments towards the subcontractors’ tax bill. As you might imagine when it comes deducting anything from someone…
If you work as a subcontractor in the construction industry, then you’ll pay tax on your earnings based on the Construction Industry Scheme rules. This usually means the contractor you work for will deduct National Insurance and tax before they pay you, and then report these deductions to HMRC using a CIS Return. The amount…
If you’re a contractor or subcontractor, you’re likely to have some involvement with the Construction Industry Scheme. While it may seem straightforward when you look at the likes of CIS statements, there’s a heap of record-keeping behind the scenes! Let’s explore the kind of records you should maintain, based on where you stand in the…
If you work in the construction industry and you’re self-employed, you’ve probably encountered the Construction Industry Scheme (CIS for short). The scheme is HMRC’s way of collecting income tax from subcontractors who work in the construction industry. We’ll discuss exactly who is expected to register, how it works, and where you can sign up. …
