We offer specialised services for CIS contractors as well as the sub-contractors.Buy Now
This has nothing to do with your tax liability, you’re just deducting money on HMRC’s behalf, to fulfil the legal duty.
CIS should be deducted at the time of the payment itself. There are 2 different rates of deducting the CIS, one is regular 20% (for registered sub-contractors) and the other is set at a higher rate, being 30% (for non-registered sub-contractors).
For example, if you are to pay £2,000 to David, you should deduct and withhold £400 (if he is registered) or £600 (if he is not registered); then pay him the remainder.
HMRC has provided an online service to check whether the person (or the Company) you are working with is registered or not.
You must ask for their name, HMRC UTR, trading name (if any); and their address. All this information is required to enable you to verify them online.
You need to file Monthly CIS300 returns to HMRC, telling them how much you deducted and from whom. The return period always runs from the 6 th of each Month to the 5 th of next Month, and for submitting to HMRC, you are given until the 19 th of the Month in which the period ends. You must pay the (withheld) CIS to HMRC by the 22 nd (19 th in case you pay by post).
For example, for the Month of July, the CIS300 period is from the 6 th July to the 5 th August. The return should then be filed by the 19 th August, with the online payment following three days later on (or by) the 22 nd August.
We can take care of all the aforementioned compliance requirements for you. Our efficient and pro-active team are on top of everything, you just need to tell us how much you’re going to pay and when. If this relates to a new sub-contractor we will ask for the basic information in order to verify the same online.
We prepare and submit the CIS300 Monthly returns to HMRC, and let you know how much CIS you need to pay to HMRC.
You have access to our dedicated team of tax experts who would be happy to help with any query. These are professionals with years of experience and have dealt with thousands of taxation matters involving HMRC. We even offer 30 minutes of absolutely free initial advice (no hard sell, we promise, no one likes that). We would only progress to the next step once you are happy.
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