The Construction Industry Scheme (CIS)
HMRC require that all contractors deduct money from their subcontractors and pay this to HMRC
What is CIS?
HMRC require that all contractors deduct money from their subcontractors at a rate of 20-30% and pay this to HMRC. These deductions count as advanced payment towards the subcontractors own TAX and NI. It is mandatory for contractors who use subcontractors to register for the scheme and they have to make sure that the CIS is deducted and then paid to HMRC.Subcontractors don’t have to register for the scheme however, it is advantageous if they do because the rate at which they will be deducted CIS is often lower, If you are unsure if you should register as a contractor or Subcontractor, or you would like us to manage your payments and deductions, then please contact us:
Email: info@renumeris.com
Telephone: 01909 481020
