[kənˈstrʌkʃᵊn ˈɪndəstri skiːm (siː-aɪ-ɛs)]
The Construction Industry Scheme (CIS) is run by HMRC for construction subcontractors to prevent tax evasion and keep members up-to-date with tax contributions.
The Construction Industry Scheme (CIS) is a government scheme run by HMRC to help construction Subcontractors keep on-top of their Income Tax and National Insurance contributions. The scheme does not apply to full-time Employees. Members of the scheme will receive a CIS Card that they can use as a form of identification.
The CIS applies to most construction work. Members of CIS will have 20% of their salary deducted and that money will be used towards their tax obligations. Usually, this leads to overpayment so Subcontractors can file to claim a CIS rebate, and have the money they are owed refunded.
Workers can apply for 'gross payment status' if they do not want deductions to be made in advance by Contractors.
January 31st is the deadline for submitting 2022/23 tax returns. It's a good idea to complete your tax return ahead of this deadline to avoid mistakes and potential penalties. This article shows why its a good idea to submit your tax return early and how Earnr can help you if you are stuck.
Read more.webp)
We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!
Read more
The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.
Read more