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...
The UK Government launched the Construction Industry Scheme (CIS for short) in 1971 in response to widespread tax evasion in the construction sector. So with CIS Statements, contractors now deduct tax from their subcontractor’s payments at the source and submit...
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....
Retentions are common across the construction industry and, unfortunately, quite hard to avoid. Knowing how to manage retentions properly, especially with the Construction Industry Scheme (CIS), could make a big difference to cash flow and tax obligations. What are...
