If you’re self-employed and working in the construction industry, then you have to register for the Construction Industry Scheme (CIS).
If you don’t, then your payslips 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. They can also be removed if you register for “gross payment” status.
The main benefit of choosing Net Payment is that your contractor will only withhold 20% of your earnings, instead of 30%.
You’ll still likely end up overpaying your taxes and need to claim a refund.
With gross payment status, HMRC will no longer ask your contractor to withhold tax payments, so it is your responsibility to calculate and pay your taxes.
However, to get this status, you need to meet the following criteria:
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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.