Category: Uncategorized

REGISTERING FOR THE HMRC CONSTRUCTION INDUSTRY SCHEME

The Construction Industry Scheme was set up by HMRC for more thorough processing of undeclared earnings in the building industry. Similar to PAYE, a subcontractor’s tax contributions will be deducted directly from their earnings by the contractor. The key benefit for the subcontractor is that they pay 20% on their earnings, rather than 30% as…

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I HAVE NOT DONE MY TAX RETURNS FOR YEARS! WILL I GET INTO TROUBLE?

The first thing you need to do is NOT TO WORRY! You’re not the first, and you most certainly won’t be the last. Despite the rumours, the HMRC is not too much of an ogre. If you communicate and cooperate with the HMRC and keep them in the loop as you try to rectify your…

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Common Mistakes Made When Doing Your Tax Returns

We know it comes round every year at the same time, but sometimes the very words ‘self-assessment tax return’ can have us burying our heads in the sand and procrastinating until the very last minute. This might be the biggest of the most common tax return mistakes – ignoring your tax returns until they become…

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THE DOS AND DON’TS OF THE CIS CONSTRUCTION INDUSTRY SCHEME

The Construction Industry Scheme (CIS) was originally set up by the UK HMRC to streamline the way in which the construction industry paid its taxes. Traditionally construction has been a contract-based, ad hoc workplace, and the traditional PAYE structure was not fit for purpose for the many sole traders, subcontractors, and one-man band workforce. It…

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What is CIS tax?

At this time of year, you may overhear other workers on a construction site talking about doing their tax return. This is because they are taxed under a scheme called CIS. But what is CIS tax? And should you be paying it? CIS = Construction Industry Scheme The Construction Industry Scheme (CIS) is a tax…

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