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Appendix 28 Business Credit Cards Conditions of Use Norfolk County Council recommends the use of corporate purchasing cards, details of which can be obtained from your Finance Support Officer. However,

How to fill out construction industry scheme

How to fill out the construction industry scheme:

1. Ensure you have the necessary information: Before filling out the construction industry scheme (CIS), gather all the required information such as your Unique Taxpayer Reference (UTR) number, National Insurance number, and business details.
2. Determine your status: Determine whether you are a contractor or a subcontractor under CIS. A contractor is someone who pays subcontractors for construction work, while subcontractors are those who work for contractors.
3. Register for CIS: If you are a contractor or subcontractor and haven't registered for CIS, you need to do so. Visit the HM Revenue and Customs (HMRC) website and complete the registration process.
4. Verify subcontractors: As a contractor, it is your responsibility to verify the subcontractors you engage. Before making any payments, ensure their registration status with HMRC and their UTR. You may need to withhold tax deductions if they are not registered or their information is incomplete.
5. Deduct and pay tax: As a contractor, you are required to deduct tax from your subcontractors' payments and pay it directly to HMRC. The tax rates vary depending on the subcontractor's registration and the type of work being performed.
6. Complete monthly returns: Contractors must submit monthly returns to HMRC, even if there were no payments made during a particular month. These returns outline the amounts deducted from subcontractors and the total payments made.
7. Keep records: Maintain accurate records of all payments made, deductions taken, and any correspondence with subcontractors or HMRC. These records should be kept for at least six years.

Who needs the construction industry scheme?

The construction industry scheme is necessary for both contractors and subcontractors involved in the construction industry. Contractors who pay subcontractors for construction work need to register and comply with the scheme's regulations. Similarly, subcontractors working for contractors and receiving payments for construction work must also be aware of the scheme's requirements.

By implementing the construction industry scheme, HMRC aims to ensure the proper deduction and payment of taxes within the construction sector, reducing tax evasion and promoting compliance. Therefore, anyone involved in the construction industry as a contractor or subcontractor should familiarize themselves with the construction industry scheme's guidelines and obligations.

For pdfFiller’s FAQs

What is construction industry scheme?

Construction Industry Scheme (CIS) is a tax deduction scheme for the construction industry in the United Kingdom.

Who is required to file construction industry scheme?

Contractors and subcontractors in the construction industry are required to file Construction Industry Scheme.

How to fill out construction industry scheme?

To fill out Construction Industry Scheme, contractors and subcontractors need to register with HM Revenue and Customs and submit monthly returns.

What is the purpose of construction industry scheme?

The purpose of Construction Industry Scheme is to ensure that contractors and subcontractors within the construction industry pay the correct amount of tax.

What information must be reported on construction industry scheme?

Information such as payments made to subcontractors, deductions taken, and subcontractor verification details must be reported on Construction Industry Scheme.

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