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Construction Industry Scheme (CIS)
The Construction Industry Scheme (CIS) is a scheme in which self-employed subcontractors in the construction industry have payments deducted from their fees by the contractor, who then pays HMRC. Most contractors, especially on large construction projects, require subcontractors to participate in this plan. You will already be self-employed as a subcontractor, and you will need to register with HMRC to get a certificate and registration card.
While most building activities are included by the scheme, some aren’t, primarily because they fall into different tax categories. Speaking with one of our knowledgeable accountants will result in savings that go beyond simply lowering the amount of deductions that major contractors take. You’ll be able to acquire the help you need to claim expenditures and deal with other areas of self-employment tax.
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Need a team you can trust to handle your accounting services, request a free consultation today. We will get back to you promptly.
