Choosing the right CIS service

 

 

 

Earn Extra's top 10 tips for choosing the right CIS service

If you're either starting out in the construction industry as a sub-contractor or simply need a refresher on the Construction Industry Scheme (CIS), these top tips will make sure you're getting the right CIS service.

1.0

If you do construction work for a contractor you are a sub-contractor and need to be aware of the CIS and what it is.

2.0

The Construction Industry Scheme, otherwise known as CIS, is a scheme introduced by the government. Contractors (who pay for construction work) deduct money from a sub-contractor's payments and pass it to HM Revenue and Customs (HMRC). The deductions count as advance payments towards the sub-contractor's tax.

3.0

Contractors and sub-contractors must register for the scheme. Deductions are taken from your payments at a higher rate if you're not registered or registered incorrectly. So it's worth thinking about registering and engaging with a CIS provider.

4.0

By engaging the services of a CIS provider, when it comes to the end of the tax year, your self-assessment tax return is prepared and submitted for you. This lets you claim all your legitimate work-related expenses for the year and expenses can be offset against the tax already paid.

5.0

Being registered under a service like this means you become a sub-contractor of the CIS provider, which takes away the burden of all the admin.

6.0

Provide your Unique Tax Reference (UTR) to ensure that the correct amount of CIS tax is deducted and the CIS provider will undertake all your payment and expenses requirements.

7.0

Look for a company with in-depth construction sector knowledge after all this is a sector that is moving on all the time - it helps to have experts 'in the know'.

8.0

It's also wise to choose a provider that offers an online facility so you can access your documents 24/7. Sub-contracting can often mean getting things done at funny times of the day.

9.0

Make sure your chosen CIS provider offers an extra service, such as regular on-time payments, late timesheet flexibility, financial references and easy registration.

10.

Ensure that your preferred provider is CIS registered and compliant.                                                         

If you want to find out about the Earn Extra CIS service just talk to one of our friendly advisors. To find out more:
Call on 01484 713147 or Email info@earnextra.org.uk or click here

Earn £25 when you Mention-a-Mate to Earn Extra

If you know of any friends or colleagues who are contractors in the telecoms, construction, overhead powerlines, utilities and civil engineering sectors and who might be interested in Earn Extra's Umbrella service recommend them to Earn Extra and you could earn £25. Click here to find out more.

If there's anything at all we can help with, please call to speak to one of our knowledgeable team on 01484 713147 or email info@earnextra.org.uk

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