CIS is a bit or a dark art until you get used to it, we are a BookKeeping company with many years of construction industry exposure dating back to the days of 715's.
The current Construction industry payroll known as CIS now is a far more specialised system with the URN's (unique reference numbers) and CIC (construction industry certificates). Making sure that every person is a verified sub-contractor with the required Photographic identification. It is imperative you have all the right forms completed and people verified before they start working for you, otherwise you will be liable for their tax and national insurance.
It is critical that the correct amount of tax is deducted from your sub-contractors when you run your Payroll if you want to stay clear of HMRC fines.
With the Construction Industry Scheme (CIS), knowing the difference between labour and materials is important but knowing what is and is not included in the Construction Payroll Scheme (CIS) is a minefield.
For help calculating the tax on your CIS invoices please visit our CIS invoices blog article
You will find more information about the Construction industry Scheme take on the Construction Industry Scheme Guide on the HMRC website
For more information about any of our services please email us at hello@singlepointbooks.co.uk or call us on 01202 649997
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