CIS Scheme

[benhudson treeworks]

I think that if your company carried out work on contruction sites then you would need a cis card, I don't know if you would need one if it was just a one off job.

I think it was to stamp out cash in hand and making sure all monies paid was declared to HMCAE.

 

This is correct. Its changed again now though ! I have one and when I sub for big firms, they take my card details and deduct the tax for me ! Outrage !

[Steve Bullman]

i have no problem with it personally.....at least i know my tax has been paid, im not so great at putting tax money aside so its in my interest to pay some as i go

[Log-ologist]

Good point steve.

 

If you have a reasonable size business you can apply for an exemption certificate. Consult your tax office.

[silvafox]

As a business that is not 'permanently' contracted within the construction industry I find CIS a bit of a blow to the cashflow.

Although it takes some of the pain out of the tax bill a year or so down the line it starves the usual pattern of cash flow.

Bloody unfair if you ask me. It would be better if there was an exemption allowance of perhaps 10-20k per firm or 5k per individual.

[nailer]

I find CIS a bit of a blow to the cashflow.

Although it takes some of the pain out of the tax bill a year or so down the line it starves the usual pattern of cash flow.

 

It is possible to offset the deductions each month against your employees` PAYE / NIC payments. This way you get the deductions back monthly rather than annually.