CIS Explained

[@juliespence8530]

Another fantastic resource as always!

[@accountantshe]

Thank you!

[@robpfisher]

Another question! My limited company is now registered as contractor and sub contractor under CIS. If I use an agency that has gross payment status to supply engineers for a job, am I stuck with CIS deductions on my companies invoices to the main contractor and also stuck paying gross to the agency for the labour they've supplied? Can I only claim back the deductions in my year end accounts?

[@rochellesumeray4213]

So it’s now called CIS Payroll ? Thanks for letting us know about the VAT reverse charge and your related video. Brilliant.

[@beckyb76563]

Thanks. The VAT reverse charge video you mention is not showing on the screen at the end though.

[@rochellesumeray4213]

Exactly what I was talking about yesterday with a builder. Registering them is the key. Because they don’t want to go through that process of registration. Is there CIS 3, CIS 4 and CIS 5 still (nowadays). I’m out of date (I’m a bookkeeper) ?

[@hackit9578]

What if the contractor is paid gross . Do we still inform hmrc about the invoices paid to the contractor

[@ryanh3285]

Thanks I wasn't sure about the national insurance part whether i should be paying it separately somehow.

[@michaelheyes1023]

What if you have now NI liabilities in your Ltd company. ie no employees? similarly what if your subcontractors have no NI liabilities?

[@robpfisher]

If I register to CIS do I, as a director of a limited company, have to deduct 20% of my wages too? Thanks

[@boxingboxingboxing99]

Hi Rob, the answer is no mate. CIS only applies to contracted work and since you’re a director of the company, you’re receiving remunerated wages and NOT receiving a fee for contracted work. Hope this helps mate

[@robpfisher]

@ thanks for letting me know. Much appreciated

[@boxingboxingboxing99]

@@robpfisher no problem! 😄

[@remlok2655]

HacheMRC??