At a high level, the way CIS works is that contractors deduct money from a subcontractor’s pay and then pay that money to the HMRC. For this reason, by CIS definition, a contractor is anyone who hires subcontractors, and a subcontractor is anyone who gets hired by a contractor. You sho...
HMRC mentions that the contractor must be registered under CIS before they take on their first subcontractor. The registered contractor will have to make deductions from their subcontractor’s payments and pay that money to HMRC. The scheme applies specifically to the UK. However, businesses based ...
While it used to be common for virtual mailbox services to assign PO boxes to their customers, many financial institutions, government bodies, and even courier services won’t deliver to a PO box, which rendered it impractical to use as an official address. So these days, the vast majority ...
FreeAgent uses the financial data you enter throughout the year to populate most of your Corporation Tax return. All you have to do is check the figures and enter the remaining information. FreeAgent then calculates your tax bill and allows you to file your completed tax return directly to HM...
Before your contractor can pay you for the first time, he or she must check whether you’re registered for self-employment as well as for CIS. If the contractors find your UTR on HMRC’s list of CIS-registered subcontractors, they’ll deduct tax at a flat rate of 20%...
Before your contractor can pay you for the first time, he or she must check whether you’re registered for self-employment as well as for CIS. If the contractors find your UTR on HMRC’s list of CIS-registered subcontractors, they’ll deduct tax at a flat rate o...