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

GeneSegues Therapeutics Awarded Contract For Development of Nanocapsule-based Vaccine for Biodefense Pathogen

MINNEAPOLIS, MN 12/18/14 · Company Collaborating With U.S. Army Researchers on Topically...

Enjoy a Virtual Tour of Canada's Favourite Spa

GRAFTON, ON 12/16/14 · A brand new tour of Ste. Anne's Spa...

Bahama Beach Club Hosts Christmas and 12th New Year’s Eve Party

Treasure cay 12/13/14 · If you're looking for the perfect place to...

Opportunistic Brand Savvy Investors set to snap up Stackcap Patent

London, UK 12/11/14 · Business savvy investors welcomed an exciting opportunity this...

Newborn Foundation Applauds Reauthorization of Newborn Screening Saves Lives Act

WASHINGTON, D.C. 12/11/14 · The U.S. House of Representatives has passed H.R....

SecurifyApp makes it safe to be Home Alone during this holiday season

New York, New Yrok 12/10/14 · More Americans fall victim to accident, theft and...

Routehappy Raises $3.3M in Funding to Expand Airline & Distributor Products

NEW YORK 12/10/14 ·  -- Routehappy, the product differentiation platform for air travel,...

Spa Lovers Select Ste. Anne's as Canada's Top Destination... Again!

GRAFTON, ON 12/04/14 · Spafinder Wellness once again has awarded Ste. Anne's...

Who Couldn`t Use a Hug? Announcing the HugTrain 6th Annual Hug Tour Dec 2014

Montreal, Quebec, Canada 12/03/14 · Cross Continental Canadian-U.S. Train Journey to Raise Spirits...

Zikto announces stretch goals for successful Kickstarter campaign

Los Angeles/Seoul, Korea 12/01/14 · Campaign reaches global audience! Riding high on the accomplishment...

Coffee With Dr. Stewart

Austin, TX 11/25/14 · A brother and sister bring an exciting new...

Arki Kickstarter reaches $100K target in 13 days

Los Angeles/Seoul, Korea 11/24/14 · One step closer to a walking revolution The kickstarter...

Zikto taking award-winning Arki to Startup Nations Summit

Seoul, Korea 11/22/14 · Zikto taking award-winning Arki to Startup Nations Summit The...

The End of Transparency? Don't be a fraud target

Carrollton, TX 11/18/14 · - Over the years, progressive and productive societies...