Construction Industry Scheme : RushPRNews - Newswire & Global Press Release Distribution

 
Bookmark and Share

Construction Industry Scheme

August 19, 2013

Construction Industry Scheme
Company Logo

London, UK (RPRN) 08/19/13 — The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance (NI) for those working in the construction industry.

For those contractors and subcontractors it is important to understand and comply with the regulations set out by the HMRC. The deadline for submission is 14 days after the end of the tax month. A key reminder for contractors: even if no subcontractors have been paid during a month, they still have to make a nil return.

Employed or self-employed?

Contractors must make a monthly declaration showing they have considered whether an employee is employed or self-employed. It is vital as the HMRC can be strict and impose a penalty of up to £3000, if they consider that negligent or incorrect information has been provided.

It can be hard to declare which option title is correct, as many factors and stipulations apply, so please contact us for specialist advice: http://www.kingandtaylor.co.uk/contact-us/

Verifying

Construction Industry Scheme
with the HMRC

The contractor has to contact HMRC to check whether to pay a subcontractor gross or net, not every subcontractor will need verifying. HMRC will give the contractor a verification number for the

subcontractors which will be matched with HMRC’s own records. These numbers are a fundamental part of the system and it is important there is a fool proof system in place for obtaining and retaining them.

Payslips

Contractors have to provide a monthly payslip to all subcontractors paid, showing the total amount of the payments and how much tax, if any, has been deducted from those payments.

It is a necessary requirement that the contractors include certain specific information on the payslip, for more details on this and any other details regarding CIS please follow this link to see the full document:http://www.kingandtaylor.co.uk/wpcontent/uploads/2012/01/Construction_Industry.pdf or alternatively contact us via our website for expert advice.

Media Contact Name: Dean Spencer
Media E-mail:
Media Phone: 01332253840
Media Web Address: http://www.kingandtaylor.co.uk
Company Contact Name: Joanna Trinder
Company E-mail:
Company Phone: 01474 569777
Company Web Address: http://www.kingandtaylor.co.uk
Click here to see all news from this author/company

Filed Under: BREAKING NEWS, BUSINESS NEWS, PRESS RELEASE, United Kingdom

RUSH PR NEWS newswire and press release services at rushprnews.com / Anne Howard annehowardpublicist.com

Content- Legal Responsibility - All material is copyrighted - You may repost but you MUST link back to the original post on your page and acknowledge Rush PR News as the news source. Rush PR News is not legally and/or morally responsible for content of press releases, opinions expressed or fact-checking.

Rush PR News cannot be held legally responsible for material published and distributed through its newswire service or published in its press-room and therefore cannot be sued for published material. Third-party must be contacted directly to dispute content.

Rush PR News is not the contact for material published.

RSSFeed PRESS & SOCIAL MEDIA RELEASES

BYStudio packaging design company in Los Angeles CA Launches New Package Design Company Website

Los Angeles, CA 09/16/14 · BYStudio packaging design company in Los Angeles California...

NEW ACCOMMODATIONS AT STE. ANNE’S SPA VILLAGE

GRAFTON, ONTARIO 09/16/14 · Ste. Anne’s Spa has opened the doors to...

Twenty dollars discount on your next press release submission order

SAN FRANCISCO 09/15/14 ·  RushPRNews is offering you a September PR coupon...

Back Bends & Chest Openers: A Workshop at Studio Blue Yoga

Toronto, ON 09/11/14 · Back Bends to Extend the Spine & Expand...

The Think Pink Challenge; Reel Men Fish Pink

Hempstead, Long Island, NY 09/09/14 · Eposeidon Outdoor Adventure, Inc. kicks off a campaign...

Yoga Retreat for Breast Cancer Survivors at Ste. Anne's Spa

GRAFTON 09/04/14 · In honour of breast cancer awareness month, Ste....

Rice Bucket Challenge has raised 3.5 Million for the Hungry

Tanauan, Philippines 09/03/14 · The Rice Bucket Challenge announced today that donations...

Ultraseal International to exhibit at Ankiros 2014

Coventry, UK 09/03/14 · Ultraseal International, a global leader in providing solutions...

Unconstitutional wire tape:a personal testimonial

N Las Vegas 09/02/14 · Hello my name is Sumayah Hodges, I live...

Swift Travel Deals Set To Become Multi-Million Dollar Agency!

Miami, FL 09/01/14 · Lux Millionaire Magazine/ --If you are looking for a...

New Online Scheduling Platform That Helps Appointment Based Businesses

London, UK 08/30/14 · Book the Slot (http://provider.booktheslot.com/signin) has recently been piloting...

Ultraseal International helps powertrain manufacturers to improve quality cost effectively

Ann Arbor, MI 08/29/14 · Ultraseal America will explain to powertrain manufacturers how...

Innovative Approach To Select Crawler Crane

Ghaziabad, UP 08/27/14 · If you run any production business or real...