With our CIS product, offer self-employed sub-contractors working within the construction industry a flexible and better solution that enables them to maximise their income.
Our trained and experienced team will assist contractors to ensure that they remain compliant, and that they adhere to the requirements of the Construction Industry Scheme.
What is the Construction Industry Scheme?
All contractors working within the construction sector are required by law to register with the Construction Industry Scheme (CIS) run by the government through HMRC.
The scheme requires contractors to deduct money from subcontract payments, which are subsequently passed on to HM Revenue and Customs (HMRC). Subcontractors not registered on the government’s CIS scheme will have deductions taken at a higher rate.
Once contractors are registered on the scheme with HMRC, we take care of the rest, administrating all the necessary tax deductions accrued under the CIS scheme and pay them on your behalf to HMRC.
What are the Benefits of We Pay It CIS?
- Decreased payment terms as opposed to contracting directly with a client.
- Decreased administration time as We Pay It CIS is a self-billing company.
- Our verification department to assist with taxation status.
- We issue an annual statement of contract income to assist with self-assessment tax returns for contractors.
- Public liability cover is included and therefore there is no need for contractors to have separate cover on assignments.
- Contractors will have personal accident cover, therefore in the case of accident on assignment in which a contractor cannot work, they will be compensated.
- Contractors will receive SMS updates advising them when payment has been made for service.
- Preferential rates on accountancy service from our sister company, IB&Co Accountants.
Not in the construction industry?
Our CIS is also an ideal solution for self-employed contractors working across other sectors.
The service for contractors not working in construction differs slightly, as contractors will not be eligible to sign up to the government scheme, and secondly, We Pay It CIS will not deduct tax from payments. The other benefits of this service, however, will ultimately remain the same.
