So, how does our CIS Payroll Solution work?
The process is really simple:
- You must be registered with HMRC as a sub-contractor to obtain your CIS status/UTR number (Unique Tax Reference), click here to find out how
- You will be responsible for making your own National Insurance payments
- We take care of your invoicing and payments on your behalf
- We rely on you to find your own assignments and negotiate your own rates of pay
- We invoice your client/recruitment agency, receive your payment and deduct the relevant amount of CIS tax at source (this will be 20% if you have provided us with your UTR or 30% if you haven’t)
- We charge a small administration fee for each payment we process for you of 3% of your weekly gross payment (the minimum charge per transaction is £10) – this only applies to the weeks you work
- There are no hidden costs like set up or cancellation fees
At the end of the tax year a self assessment tax return will need to be submitted. In doing so you can take the opportunity to claim all of your legitimate work related expenses incurred throughout the year. These expenses can be offset against the tax paid at source through the year and therefore you may potentially gain a rebate. Contact us using the form at the top right of the screen to find out more about annual tax returns and how we can help.