News
CIS
02 - 03 - 2020
Ensuring your CIS is compliant. CIS is a deduction-at-source tax regime for construction operations whereby contractors withhold and pay to HMRC deductions on account their sub-contractor's eventual tax liability, be they individuals, partnerships or limited company sub-contractors. The rate of deduction is specified based on many factors but will be one of zero for sub-contractors with gross status, 20% or 30%. determined by HMRC when the sub contractor registers. Since you will be entrusting the business of engaging sub-contractors for your operation, and negotiating the legal and tax maze it entails, you need to be able to trust that your provider is a market-leader in CIS. Your provider should be equipped to deal with all of this and have back-up insurances in place, tested to prove their worth. In truth, many CIS payment providers have neither the financial resources, personnel and knowledge nor the historical reputation to be trusted with large weekly transfers of your business' hard-earned money. Foremans (CIS) Ltd has the experience, and support to ensure complete compliance. Backed by Foremans LLP, an ICAEW regulated accountancy practice, you're in a safe pair of hands. For further information contact us on 01244 625500.
