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The Construction Industry Scheme (CIS) was created by HM Revenue and Customs to minimise tax evasion within the construction industry. With the number of self-employed workers in the UK increasing, the CIS was put into place to reduce significant losses for the Exchequer.
CIS is relevant to all contractors and subcontractors, including sole traders, partnerships or companies that work in construction. Contractors must register for the scheme and whilst it's not necessary for subcontractor's to register, deductions are taken from their payments at a higher rate if they are not registered.
Whilst what is covered by CIS is industry wide there are specific jobs that are not covered including:
Rules detailed in CIS apply to payments made by a contractor to a subcontractor under a construction contract and non-compliance with the scheme will face expensive penalties.
NWM provides a solution tailored to self-employed construction subcontractors who are looking to maintain the flexibility of choosing the contracts they want while still getting paid easily.
Simply provide us with the contract details and your dedicated account manager will take care of all the paperwork, keeping you in the loop with regular text and email notifications.
Working with NWM means you're covered by our comprehensive insurance policies for the assurance you're protected at the right level at all times.
With a wealth of experience gained from working alongside contractors for 20 years, NWM can provide the exact support you need to ensure you're making the most of your contracts.