You must register with HM Revenue & Customs before you start working as a subcontractor under the Construction Industry Scheme (CIS). If you don't register with HMRC, contractors have to deduct 30% from your payment instead of the normal rate of 20%. As a subcontractor, we can help you with the following:
- determining your status as a subcontractor or employee on a contract by contract basis
- register you with HM Revenue & Customs as a subcontractor
- verify you with HM Revenue & Customs on behalf of your contractor
- implement a simple bookkeeping system for you to run
- prepare and submit your year-end accounts and self assessment tax return
- calculate your tax refund or liability due and inform and remind you of the due dates for payment
Under some circumstances, your business may be eligible for gross payment status. If you are eligible, you receive payments without deduction of tax, helping your cash flow. We can perform the qualifying tests on your business to assess whether you are eligible for gross payment. We can also apply for gross payment status with HM Revenue & Customs on your behalf.
If you would like a free meeting to discover what we can do to grow your business and save you tax, contact us. We'll be happy to talk and give you a great value competitive quote.