What is Construction Industry Scheme (CIS)?
The Construction Industry Scheme (CIS) is basically a tax deduction scheme where contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). Subcontractors’ payments are deducted at source by contractors, which count as advance payments towards the subcontractor’s tax and National Insurance.
It is mandatory for the Contractors to register with HMRC. It is not necessary for Subcontractors to register, but if they don’t then deductions are taken from their payments at a higher rate.
With our CIS Return service, we do all the work and help you in filing your returns hassle free.
Construction Industry Scheme Registration
Under Construction Industry Scheme (CIS) contractors deduct money from the payments of subcontractors and pass it to HMRC.
Who is a CIS contractor?
A CIS contractor is a business or a similar entity which pays subcontractors for construction work. These are required to register as a CIS contractor with HM Revenue & Customs (HMRC).
Who is a CIS subcontractor?
For CIS Subcontractors it's not mandatory to register, but higher rate of deductions can be taken from their payments if they’re not registered. You’re a CIS Subcontractor if you’re self-employed or a company who is willing to work for a contractor for construction related services.
If you’re a contractor or a subcontractor, you need to get registered as both. As a contractor under the CIS you’re required to make the monthly returns before 19th of each month.
How DNS Accountants can help you?
Are you a contractor working in construction?
If you are a contractor in the Construction Industry, CIS experts in DNS can help you to save your money and time as well.
What all you’ll get?
Are you a subcontractor working in construction?
CIS professionals at DNS can help subcontractors to save their money and time while completing their monthly CIS returns.
What all you’ll get?
Our Recent Blogs
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