CIS

[eggsarascal]

Anyone been on CIS?, I know that you get stopped 20% at source which doesn't sit well with me but hey ho.

 

I presume when you put your ex's in you get a rebate?

 

I've had a look at the Gov. website and it's as clear as mud.

[doobin]

If you are working as a bona fide subby (own tools, give price, do it when you feel like it, send whoever you like to do it etc) then you should be able to register for gross contractor status and skip all the bollocks.

[eggsarascal]

27 minutes ago, doobin said:

If you are working as a bona fide subby (own tools, give price, do it when you feel like it, send whoever you like to do it etc) then you should be able to register for gross contractor status and skip all the bollocks.

If I take the work it would be as a freelancer, it's CIS or nothing on this one. I've spoke to the bloke this morning he's got three sites on the go around here with what he says is at least two years work, and the money ain't bad. I've just never worked on CIS.

[kevinjohnsonmbe]

It’s no drama Egger. 
 

Main contractor pays your tax and gives you a ‘voucher’

 

Its only what you’d pay at end of year anyway. 
 

Building game brought it on itself by having so many SE contractors not submitting adequate  tax return. 
 

Wont cost you anything, just gets your bill paid up front rather than 31 Jan of the next year. 
 

(if you’re on top of yr paperwork it’s as well to get tax return in as early as poss anyway. My 31 Jan 21 is all done & dusted)

Edited October 17, 2020 by kevinjohnsonmbe

[dumper]

Look at it as a savings you only get deduction on labour not materials or hire

 

[dumper]

If your tax affairs are in order you can register for gross payments then you get the hole invoice 

[Rough Hewn]

Add 20% to your price
[emoji106]

[eggsarascal]

5 minutes ago, Rough Hewn said:

Add 20% to your price

It's not that easy on this one Saul, it's site work with what seems to be a good run of work. It's £200/day, if I tried to push another 20% I'd be laughed off the job. I'm just thinking things might get hard come the new year and a steady income would be good idea. Although I don't really like site work I have to pay the bills and feed my belly.

[Rough Hewn]

It's not that easy on this one Saul, it's site work with what seems to be a good run of work. It's £200/day, if I tried to push another 20% I'd be laughed off the job. I'm just thinking things might get hard come the new year and a steady income would be good idea. Although I don't really like site work I have to pay the bills and feed my belly.

I did some Cis a couple of years back,
Never heard of it before and thought someone was trying it on.
But it was all legit and keeps the taxman happy.
[emoji106]

[harvey b davison]

I worked through cis scheme for years on building sites as a joiner. Its straight forward, put your bill in, they deduct 20% for tax and insurance and give you a voucher. At the end of the year do your books as normal including your vouchers and that's it. I always did my own books but still sent them to an accountant to check and fill my tax return in. I used to end up with a nice cheque afterwards.