If you think you may be impacted by the CIS scheme or you need assistance with CIS compliance, contact Duck Consulting today.
What is the CIS?
The CIS scheme was set up because of the large number of self-employed people working within the construction industry. It seeks to ensure payments are regulated and the correct taxes are collected on a regular basis.
The scheme sets out the rules for how payments to sub-contractors for construction work must be handled by contractors in the construction industry and certain other businesses.
Under the scheme, contractors may be required to make a tax deduction from the payments they make to sub-contractors in accordance with a pre-determined tax rate as set by HMRC and pay this to HMRC in line with the scheme rules.
If you think you may be impacted by these rules, contact Duck Consulting today to discuss how we can help you.
Who is impacted by the CIS?
The scheme covers all types of businesses that work in the construction industry, including self-employed individuals, companies and partnerships. The contractor is the person or business who runs a project within the construction industry, and the sub-contractor is the person or business they take on to assist, such as plasterers, plumbers, electricians etc.
A business or person must register as a contractor if the following applies:
The rules the contractor must follow as outlined below:
What do I do if I think I am impacted by CIS?
We know that this can be a stressful and time-consuming obligation for many businesses, taking up too much of your valuable time which would be better spent on running your business. If you need help with CIS compliance and think you may be caught by the rules, contact Duck Consulting today. We can advise you on your obligations and manage the scheme on your behalf, including ensuring timely submissions with HMRC in accordance with the scheme rules.
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