Business Accountants in London

To be aware of all the important things about Construction Industry Scheme (CIS), you should read our guided article below which will let you know what is CIS and how to register your company with the CIS scheme. Knowing CIS Being under the CIS scheme, a contractor will make all the payments to the subcontractors keeping the accountability of tax status of those subcontractors from HMRC. As a contractor or a limited company , you will deduct the tax amount from the payments of your subcontractors which you will pay to HMRC. The deductions should be made according to the National Insurance and taxation cost of the subcontractor By registering with the CIS, a contractor or a subcontractor will avail the reduced taxation cost by HMRC. For now, a registered contractor or subcontractor have to pay 20% while unregistered companies will have to pay 30%. Eligibility for Being a Contractor or Subcontractor To be able to recognize as a contractor, you will have to follow