Construction Industry Scheme (CIS) applies tax rules to people in the construction trade. Contractors are obliged to join CIS before starting a project whilst subcontractors don’t have to, except that they don’t get the benefit of 10% tax deduction for registering.
This category aims to educate you all about your CIS obligations. In our articles, we walk you through how the scheme really works for you. Legend Financial is also here to give you first-hand support in handling your CIS responsibilities.
Contractors are legally required to provide their subcontractors with CIS payment and deduction statements every 19th of the month.
CIS invoice templates ensure that construction workers comply with the Construction Industry Scheme tax requirements in their invoicing. This article tackles all about CIS invoice
Through CIS repayment claim, subcontractors can take back their overpaid taxes and National Insurance contributions. Find out more about this in this comprehensive guide.
CIS registration for contractors and subcontractors differ slightly. CIS helpline, HMRC’s digital assistants, or certified accountants can greatly help in the process.
CIS exemptions apply to commercial tenants under specific circumstances. Learn more about how tenants can be exempted, how they apply for it, and the benefits once the exemption is granted.
VAT Notice 708 applies a reduced 5 per cent rate or zero rates to qualifying construction services and materials instead of the standard 20 per cent VAT rate. Find out how this works.
CIS penalties are enforced on workers under the scheme to mitigate violations and tax fraudulence in the construction industry. Find out more about it in this article.
A mortgage construct specifically catering to self-employed individuals in CIS, informally called CIS mortgages, allows the latter to present fewer bank statements and gross income for affordability assessment.
In this article, several facets of CIS will be discussed ranging from determining one’s qualification for being excluded in the scheme to joining it; looking into the CIS requirements and carrying them out in their business.
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The quickest way from A to B is usually a conversation. So, if you want to find out more about how Legend Financial can boost your business, get in touch. We’ll give straight answers so you can make a confident decision, fast.