PayMatters are pleased to announce the launch of their Construction Industry Scheme (CIS) for subcontractors or agencies looking for payments to made under this HMRC scheme.
CIS mainly applies to contractors and subcontractors in mainstream construction work but can also relate to businesses or organisations whose core activity isn't construction but have a high annual spend on construction and who may therefore be classed as contractors under the scheme.
PayMatters through their role as the contractor verify all subcontractors are registered with HMRC, make payments to the subcontractors after deducting the relevant tax, submit monthly returns to HMRC and make tax payments to HMRC.
Under CIS payments to contractors are normally made after deduction of tax at the standard 20% rate. A higher rate of 30% exists for subcontractors not registered with HMRC or who cannot for some reason be verified.
If you are interested in more information regarding PayMatters CIS or PayMatters Umbrella please call us for Free Advice on 0800 121 6513.