A CIS tax refund is the money HMRC returns to subcontractors who have overpaid their tax through the Construction Industry Scheme. If you are registered under CIS, contractors deduct 20% from your payments. If you are not registered, they deduct 30%. These deductions...
CIS Statements Adhering to the Construction Industry Scheme (CIS) requirements is crucial for both contractors and subcontractors. One of the essential components of CIS compliance is the proper handling of CIS statements. Contractors issue CIS statements to...
The Construction Industry Scheme, or CIS for short, is a tax deduction system which ensures that contractors correctly handle tax payments for subcontractors. The scheme help regulate tax compliance and prevent tax evasion by requiring tax deductions at the source....
CIS Retentions Retentions within the construction industry refer to a portion of the payment that is withheld by the contractor from the subcontractor until the completion of the project or until certain conditions are met. This practice is intended to ensure that...
