CIS (short for “the Construction Industry Scheme“) was set up by HMRC to collect income tax throughout the year from people working in the construction industry.
How do CIS refunds work?
To obtain a CIS refund, you must first file a Self Assessment tax return. Within a few weeks after filing your tax return, HMRC will refund you for the tax you owe.
Exceptions an individual or thing that is not included in a broad declaration or who does not obey a set of rules. You may not need to log if you only execute such functions, such as:
architecture and surveying
scaffolding hire (with no labor)
carpet fitting
What are the contractor’s responsibilities ?
Registering with HMRC
Being in touch with HMRC
Verifying the identity of the sub-contractors and ensuring that the position of all staff or sub-contractors is right.
Subcontractor fees are subject to tax deductions (not employees subject to PAYE)
Providing subcontractors with formal statements
Maintaining documents
HMRC returns to be issued on a monthly basis.
Notifying HMRC of any market shifts.
To find out more about how we can help, contact to our dedicated Accountants in London or visit our website at Accotax.
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