Through the CIS (Construction Industry Scheme) subcontractors pay a flat rate of tax through their contractors. , normally 20%,on what they charge for their labour , irrespective of the amount. As a result some subcontractors may be paying too much tax. What is the CIS Annual Tax Return? When you are paying tax through the… Read More »
As a CIS subcontractor you are considered self-employed but working for a contractor who haas to deduct a portion of your invoice (usually 20%) and pay it to HMRC on your behalf. This situation is different to that of other self employed persons not working in construction who do not come under CIS and get… Read More »
The CIS (Construction Industry Scheme) lays down the rules on how subcontractors must be paid and what tax must be deducted from payments to subcontractors.t The Scheme can be confusing to non-tax professionals. So here’s a run-down of the most important things you need to know about it: 1: Contractor or Subcontractor? If you’re a… Read More »