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Construction Industry Scheme

construction industry scheme

The Construction Industry Scheme (CIS) sets out the special rules for tax and national insurance (NI) for those working in the construction industry and includes jobs such as alterations, repairs, decoration and demolition.

Businesses in the construction industry, known as 'contractors' and 'subcontractors', may be companies, partnerships or self-employed individuals. Read this fact sheet on the Construction Industry Scheme (CIS) to find out more on:-

What types of business does the Construction Industry Scheme cover?
The online monthly return to HMRC
Subcontractor identification
The status of the subcontractor: employed or self-employed?
Subcontractor verification: should the subcontractor be paid gross or net?
Who needs verifying with HMRC?
Monthly subcontractor payslip
Are tax deductions made from the whole payment?
Possible penalties
Paying over the deductions
Subcontractor obligations

DRG Chartered Accountants works with a number of businesses in the construction sector. If you would like to find out more about the Construction Industry Scheme, please do get in touch.

DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.

Posted 24 months ago 1 Minute(s) to read

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