Are you working in the Construction Industry?

The CIS scheme introduced in April 2007 and then called ‘New CIS’ for the collection of tax on contractor earnings is often bemusing to newcomers and, at the very least, a burden to both contractors and sub contractors. This is the case even though the changes from the previous system were designed to ‘simplify’ things.

As a contractor you are required to deduct tax from your sub –contractor payments but first you have to review their employment status and then verify details with the tax office. Each month a report must be filed there too.

If you are a sub-contractor or thinking of becoming one maybe you would like to know that your CIS tax is being handled properly, we can incorporate this as part of our self assessment tax service.

When handled properly the CIS scheme can be set up and operated with a minimum of fuss and Regency is happy to offer this service to you and your sub contractors.