What is CIS, and how does it impact contractors?
HMRC created the Construction Industry Scheme (CIS), over 50 years ago in 1971. It’s a scheme for both contractors and subcontractors who works within specific trades in the construction industry. Many of these professionals and tradesmen are self-employed, CIS exists to help them understand their tax, and pay the right amount.
However, while the scheme exists for contractors, HMRC’s rules and regulations are constantly evolving so many contractors choose to partner with an umbrella company like Gifco to simplify the process of signing up to the scheme, and managing their tax and payroll month-on-month.
- Firstly, from start-to-finish we’ll simplify the CIS experience for you, supporting you with registration, all the way through to monthly payroll and tax management, reducing your time spent on admin
- As long as you’re working, you’ll receive a regular income, exclusively managed by our team of Gifco payroll experts
- 24/7 access to our team, and services, including our online portal and app that’ll let you manage everything from payslips to annual leave from your mobile
- We also offer our clients exclusive perks, and benefits, including our new referral scheme
Alongside all of this, most importantly you’ll receive peace of mind that you’re not paying a penny more or less than you need to on your tax bill – meaning you’ll never have the shock of receiving an unexpected tax bill, or having to file for a tax rebait.
When it comes to CIS we work with professionals that are:
- Self-employed contractors
- Self-employed sub-contactors
- And agencies that work with construction professionals
No matter where you are on your CIS journey, why not consider getting in touch with one of the team today for your free CIS assessment.