Construction Industry Scheme (CIS)
As a contractor, you must register for the CIS scheme with HMRC. Subcontractors do not have to register, but their tax will be deducted at a higher rate if they are not registered.
Register as a contractor if either:
- you pay subcontractors for construction work
- your business does not do construction work, but you spend an average of more than £1 million a year on construction in any 3-year period
Register as a subcontractor if you do construction work for a contractor.
Contractor’s responsibilities
Contractors are required to:
- deduct the correct amount of tax from their payments to subcontractors,
- file monthly returns with HMRC and
- pay the required amounts over on time.
The monthly returns are due also in the month in which you do not pay any subcontractors – in this case, you must file a nil return.
Penalties
Noncompliance with HMRC requirements will mean fines, starting from £100 for a failure to submit a return.
Our offer
To help you stay compliant with your obligations as a contractor, Be Payroll Limited service includes the following:
- Verification of all your subcontractors and advice on their tax treatment.
- Preparation and submission of your monthly CIS returns to HMRC.
- Preparation and issuing of subcontractors’ tax vouchers.
- Advising of liability and payments deadlines.
Contact us today for a non-obligatory quote for the CIS processing service.