CIS Repayments

Posted Posted in Taxation

How do subcontractors reclaim the CIS repayments which they have had deducted? Businesses which are registered as 20% net subcontractors receive less income from the contractor. They don’t receive the full amount on the sales invoice as they suffer CIS […]

HMRC CIS Payment

Posted Posted in Taxation

How and when do contractors make the HMRC CIS payment? When to make the HMRC CIS payment? Payments under the construction industry scheme are paid monthly or quarterly to HMRC. Monthly payments – must be paid within 14 days of […]

CIS Materials

Posted Posted in Taxation

Qualifying CIS materials don’t suffer any CIS tax deductions. It is therefore important to know what does qualify as CIS materials. Examples on how different materials and costs affect the CIS tax charge. Subcontractor costs recharged The subcontractor typically charges […]

CIS Calculation Example

Posted Posted in Taxation

A CIS calculation example where the subcontractor is vat registered and a CIS calculation example where the subcontractor is not vat registered. Both examples include materials. Gross amount, qualifying materials and CIS tax to deduct The contractor needs to calculate the […]

CIS Gross Payment Status

Posted Posted in Taxation

CIS gross payment status is where no deductions are made by contractors. For businesses with turnover over £30,000 a CIS gross payment status is better for cash flow. Who qualifies for CIS gross payment status? Subcontractors can apply to be […]