The Construction Industry Scheme (CIS) presents the rules under which the contractors in the construction industry pay the subcontractors for construction work..
All building contractors are obliged to register with the HMRC and comply with the established regulations. It is a means of ensuring that all subcontractors receive the appropriate pay for their work. The market condition is in a state of constant change; construction companies are therefore responsible for keeping track of any developments in order to always follow the regulations.
Companies or individuals must register as contractors if they meet one of the two following factors. You either have to be paying subcontractors for construction work, or your business does not perform any construction work but spends an average of more than £1 million per year in any 3-year period. You must register as a subcontractor if you perform construction work for a contractor. Some companies or other entities fall into both categories, in which case they are required to register as both.
Britannia Accountancy Services can help you with every step of the process of registering for the Construction Industry Scheme. We understand that keeping up with all the formalities is an arduous task, especially considering how much paperwork construction work requires. With our help, you can be certain that all of your work and tax-related formalities will be 100% compliant with the HMRC. For more information, call us and we will provide you with a free initial consultation.
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