{"id":48,"date":"2014-11-18T12:59:51","date_gmt":"2014-11-18T12:59:51","guid":{"rendered":"http:\/\/mk-bookkeeping.co.uk\/?page_id=48"},"modified":"2014-11-27T13:41:49","modified_gmt":"2014-11-27T13:41:49","slug":"construction-industry-scheme","status":"publish","type":"page","link":"https:\/\/mk-bookkeeping.co.uk\/?page_id=48","title":{"rendered":"C.I.S."},"content":{"rendered":"

Businesses in the construction industry operate under different rules to other businesses\u00a0– they must be registered and operate under the Construction Industry Scheme.<\/strong><\/span><\/h3>\n

 <\/p>\n

It sets out how to pay to subcontractors and there are strict rules that contractors must adhere to.\u00a0 Failure to follow these rules will result in large penalties being levied on the contractor.<\/p>\n

You can check whether CIS applies to your business and whether you count as a contractor, subcontractor (or both) under the scheme by following this link http:\/\/www.hmrc.gov.uk\/cis\/intro\/decide-if-cis.htm<\/a><\/strong><\/p>\n

 <\/p>\n

Contractors<\/b><\/span><\/h3>\n

If your business does fall within the scope of the CIS you have certain obligations: you must register with the scheme; before you pay anyone you must check whether your subcontractors are registered with HMRC and every month you must submit a monthly return to HMRC.\u00a0 Failure to do this by the monthly deadline will result in penalties being levied.<\/p>\n

The penalties are large.\u00a0 Failure to file your monthly return on time will reward you with a \u00a3100 penalty, this penalty will be levied every month until you submit the return. If you fail to send the return for the following month you will be\u00a0sent\u00a0another penalty, which is also levied every month until submitted.<\/p>\n

 <\/p>\n

It is easy to see how quickly the penalties can build up:<\/strong><\/h3>\n\n\n\n\n\n\n\n
Period of Return<\/td>\nReturn due<\/td>\nReturn finally submitted<\/td>\nPeriod late<\/td>\nPenalty<\/td>\n<\/tr>\n
5 May<\/td>\n19 May<\/td>\n26 May<\/td>\n1 week<\/td>\n\u00a3100<\/td>\n<\/tr>\n
5 June<\/td>\n19 June<\/td>\n26 July<\/td>\n1 month + 1 week<\/td>\n\u00a3100 + \u00a3100<\/td>\n<\/tr>\n
5 June<\/td>\n19 July<\/td>\n26 July<\/td>\n1 week<\/td>\n\u00a3100<\/td>\n<\/tr>\n
<\/td>\n<\/td>\nTotal Value of Penalties<\/b><\/td>\n<\/td>\n\u00a3400<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

We can take this worry from your shoulders leaving you free to focus on your business. \u00a0 Between us we have over 19 years of expertise in the construction industry so you can feel safe in our care.<\/p>\n

 <\/p>\n

Subcontractors<\/b><\/span><\/h3>\n

If you are a subcontractor you need to register with HMRC.\u00a0 If you don\u2019t register contractors who pay you will have to deduct 30% from your payments.\u00a0 So if you\u2019re intending to work within the construction industry it is essential you register with HMRC before you start.<\/p>\n

This registration is in addition to registering for Self Assessment.\u00a0 If you have already registered for Self Assessment you can register for CIS by calling HMRC\u2019s CIS helpline on 0300 200 3210, please visit the following link for more information<\/p>\n

http:\/\/www.hmrc.gov.uk\/cis\/subcontractors\/reg-obs.htm<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Businesses in the construction industry operate under different rules to other businesses\u00a0– they must be registered and operate under the Construction Industry Scheme.   It sets out how to pay to subcontractors and there are strict rules that contractors must adhere to.\u00a0 Failure to follow these rules will result in large penalties being levied on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-48","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/mk-bookkeeping.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/48","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mk-bookkeeping.co.uk\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mk-bookkeeping.co.uk\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mk-bookkeeping.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mk-bookkeeping.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48"}],"version-history":[{"count":12,"href":"https:\/\/mk-bookkeeping.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/48\/revisions"}],"predecessor-version":[{"id":230,"href":"https:\/\/mk-bookkeeping.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/48\/revisions\/230"}],"wp:attachment":[{"href":"https:\/\/mk-bookkeeping.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}