Construction Industry Scheme (CIS) - EXPLAINED

[@HK-xj1oo]

Thank you!

[@cptmoorestar]

Thank you so much for this. It’s helped me lots. I work in payroll and have never dealt with the CIS scheme before and this has been the most in depth and has made everything just click! I’m starting a new job in a month and know this will be coming up and this has actually been gold!!

[@basicfinancials7654]

Thank you for the kind words John! It is good to hear that I have been able to help someone with one of my videos :)

[@clarko141]

Very helpful thanks! I'm an accountant but I've not dealt with these before so I've learnt some good info

[@basicfinancials7654]

Great to hear it has helped!

[@ademccarthy]

Thank you for this video - a very complex area. My employer is dealing with a subcontractor who is a limited company (my employer is a recruitment agency acting as a contractor), are their any compliance issues I need to be aware of?

[@basicfinancials7654]

Hi, Yes, there are plenty of compliance issues to be aware of. If you are not comfortable, you should get advice from a firm of accountants with experience in this field.

[@ΜαρίνοςΤ-μ4ρ]

A long time ago is just that, along time ago. I pay a premium for a chartered accountant firm to do my taxes, vat every 3 months etc and apparently I need to register for this scam. what the heck? pimps.

[@basicfinancials7654]

If you work in the construction industry as a subcontractor then the people that you work for Will need to verify you as a subcontractor with HMRC and if you are not registered they will have to deduct more tax than if you are registered.

[@anthonia2012]

Thank you! So helpful.

[@basicfinancials7654]

No worries! Great to hear this video has helped you :)

[@treezh5815]

Thank you. Do you have to verify the subcontractors every time you submit the monthly return or just for the first month that you paid them?

[@basicfinancials7654]

Hi TreezH, it is just for the first time you pay them :)

[@treezh5815]

@@basicfinancials7654 Thank you very much.

[@benjones3819]

The scheme doesn't seem to acknowledge the extra work that the contractor would have to do on a MONTHLY basis?!

[@basicfinancials7654]

Schemes inevitably create more work. The schemes are usually set up to prevent the minority who otherwise would not pay the tax they owe. So we can thank that minority for the extra work.

[@maxegbo714]

Thanks for the video very helpful. Can you also make video on how to file a tax return for cis subcontractors please. I tried filing mine online but confused. Onscreen video if you can please. Thanks

[@basicfinancials7654]

Hi Max, I will have a go at making one and will let you know when it is uploaded :)

[@basicfinancials7654]

Hello again Max, I have just uploaded an on screen walk through of how to fill out a tax return as a sub-contractor. I hope it helps :)