What is CIS?
The CIS scheme is a government initiative which controls how payments are made to contractors within the Construction Industry. Since April 2007 all contractors who fall within the construction industry Scheme have to register or work for a registered business. If you want to register for CIS then call the CIS Helpline on 0300 200 3210. Registration takes 20 working days and is FREE. Upon registering, HMRC will issue you a Unique Tax Reference (UTR) number which we will use to determine the amount of Tax to be deducted from your gross pay, this can be at 0%, 20% or 30%. We make the relevant Tax deduction and pay this to HMRC on your behalf. Please note, this is only a Payment on Account and upon submitting your Self Assessment there may be a balancing Tax figure to pay or to be refunded.
Is CIS For Me?
CIS would most likely be for you if you can say yes to the following:-
- Your job role can be anything from a builder to a surveyor as long as you are contracting/working within the Construction Industry
- You are already CIS Registered but would love to take on more assignments via recruitment agencies.
- You work within the Construction Industry but have been toying with the idea of becoming Self Employed.
- You want to reduce your paperwork burden and chill at weekends.
- You want to be secure knowing that any tax deductions due are taken care of and paid to HMRC.
How Does It Work?
At Pendulum Contracting Services we will sub-contract your services directly to your chosen client or recruitment agency. You then accept the assignment with the agency or client. We will raise any invoices and process any payments. At this point, any relevant deductions are paid directly to HMRC on your behalf.
The balance of funds is then paid directly into your personal bank account. We chase any invoice payments, the agency or client then send us the money every week or month and we then pay any monies due to you on the same day. This means that you receive a regular income. A payslip will be emailed to you every time a payment is made. Our services are completely flexible, and if you don’t work then you don’t pay us!
If you’re still unsure whether our services are right for you or your business and you would like to discuss the matter further, then why not contact one of our friendly support team who is here just waiting to help.