CIS Construction Scheme. Should be a quite basic question.
1/ Does a Company and Individual have their own CIS Registration numbers (in addition to the standard UTR numbers?).
2/ For an owner managed CIS subcontracting Limited Company. The Limited Company does not have 'Gross' Status. So tax is deducted before income is received from the Contractor. How does the owner get money of the business? The owner is the sole employee of the company. Assuming there are no loans that the director has made to the company what is the tax consequence of an owner withdrawing money out of the business. I.e. if it is Payroll, then presumably Tax is held back under the CIS rules. If extraction takes the place of dividends, I would presume that the normal dividend rules apply to any company/individual.
Would appreciate some advice.