CIS gross status
I have a client who is a subcontractor CIS tax deducted. He has taken on other subcontractors and we have submitted CIS monthly returns since July last year. He has been registered for VAT for 18 months. All returns up to date. He wants to apply for gross status. I want him to become a Limited company as his turnover is in excess of £80,000 and his profit £30,000 and rising. He wants his brother to become a director as well.
Question is... a Limited company is a separate person, I know - if I create a company as from the end of this month can I apply for gross status immediately or should I wait until July when the 12 months has passed for him personally and then set up the Limited company. The company wont make the £200K limit.