The simplest way of registering for CIS is online at HMRC's website. The steps below assume you are registering for CIS as self employed.
If you're sole trader or self employed and working in the construction industry you have to register for the Construction Industry Scheme (CIS). If you don't - then payments you receive for your work will have 30% deducted from them as taxes and given to HMRC as tax payments on your behalf.
When you register for CIS these deductions are reduced to 20% when you register for "net payment" status and removed entirely when you register for "gross payment" status.
"Gross payment" is the best option for your cash flow but you're 1) expected to make your annual tax calculations and payment yourself 2) you need to meet certain conditions in order for HMRC to give you this status.
Main benefit of registering for Net Payment is that the tax withholdings made to you by your employer will be reduced to 20%. You'll still likely end up overpaying your taxes by the end of the year and will need to claim a refund.
With gross payment status HMRC will no longer ask your employer (contractor) to withhold tax payments that are made to you and it is your responsibility to prepare and pay your taxes. However in order to get this status you need to meet the following criteria
Get your self assessment prepared for you online by certified accountants for £99
Our online tax-bot will go over your tax situation and will make sure you won’t overpay your taxes.
You can talk to one of our tax assistants at any time during the process when you have any questions.
We’ll tell you exactly what documents you need and sort them for you online. You just upload them or snap a picture with your phone.
Your certified accountant will go over your details & prepare your tax return for you to review. It will be filed on your behalf once you approve it.
We have a simple online service that guides you through the entire process. Regardless of your reasons for doing your tax return we'll help you get it done right.
We'll prepare your self assessment and help to maximise your CIS tax refund. We have the lowest fees in the industry and you don't have to pay up front if you're eligible for a refund.
Our service allows people living abroad to prepare their income tax return online. We are able to process all returns regardless of your current country of residence.
UK company directors are required to file their self assessment annually. TaxScouts handles this through a simple online process.
Long Lets, Airbnb, Capital Gains. TaxScouts will sort out your self assessment and take away the worry of tracking all the recent tax changes.
TaxScouts ensures the self employed don't overpay on their taxes. We'll help you benefit from all the tax breaks and deductions that can be applied to your return.
At TaxScouts we appreciate that tax returns are highly individual. Before you get assigned an accountant we make sure to understand your circumstances and help you build your optimal tax profile.