I've just started working for a Company that uses subcontractors. This company has never deducted CIS as the engineers used were primarily air conditioning engineers. Yet now we are also going to be using Electrical Subcontractors.
We don't really want to go down the CIS route and I've noticed on the HMRC website that if its less than £1 million spent on construction works then there would be no need to deduct CIS from the subcontractors. Am I understanding this correctly that as our company's turnover is around £650k per year and that is for both air conditioning works and electrical works we would not have to make any deductions?
I've also being told by someone already in the industry that if our subcontractors become a limited company and I work for them as a book-keeper and do all the accounting works for them that this would be another way of not having to deduct anything.
Can anyone assist me as I want to make sure that what my MD wants to do is correct and that there will be no comeback from the HMRC as I know how strict they are when it comes to CIS.
Any advice will be grately appreciated.
- Director's tax return 309 7
- Reporting no P11d due when PAYE scheme closed by HMRC 5Apr2013 58 1
- Ex Client from over 3 years ago 147 2
- Sage Payroll 306 11
- Payroo Employer allowance query 198 6
- Small employers paying people when sick thanks alot! 3,048 33
- vat return 254 3
- Flat rate vat 135 1
- Value pricing 725 26
- RTI Annual Scheme Query 159 4
- PAYE coding notice - deliberate misstatement 225 4
- Private residence relief with entrepreneur relief mix 291 4
- Reregister for VAT 152 2
- Producing graphical KPI's etc 201 6
- Weely paid employees 254 3
- Would this save hours of your time? 500 11
- Keep receiving RTI late submission notice 227 6
- Wrong career 493 18
- MONEYSOFT - EARLIER YEAR UPDATE 298 7
- Laptop purchase 1,412 20
- Residential Property Purchase Above £750K 799
- Using Sage with Sofa Categories 553
- Does anyone have an unwanted ICAEW wooden plaque? 421
- Goods shipped inter EU and VAT Reporting 298
- Free Tax Legislation? 269
- Director Loan account operation 250
- transferring simply accounting 2010 from xp to windows 7 247
- Non-Resident Director - UK Tax Position? 241
- Sage 200 and Access Dimensions reviews 230
- Paye procedures for CVA 160