Thank you for watching! If you found the video informative or have any further questions about CIS, feel free to drop a comment below. I am here to support you and provide the answers you need to navigate CIS with confidence!
Im unsure about the paying twice situation. As a contractor I would be charging VAT, which I would be paying to HMRC, then being deducted the CIS also?
The most informative content on this subject, however, the most confusing about all of this, if you are a ltd company and are being deducted via CIS contractor 20%, a lot of the time the companies profit is 0% as ALL money in is then paid to further subcontractors in your gang. but with only 80% of gross income how can you afford to pay the gangs 100% rates if you do not meet gross status requirements. Have struggled with this indefinitely as i know many do, would really appreciate a video or response :)
You can offset the CIS deducted from income against the subbies deductions. But there could be other reasons too. If you need a chat book a Discovery Call with me.
Dear Michael, thank you for your video. But I did not find an answer to my situation and I think it is a tricky one. I am a sole trader based in the Czech Republic where I live. I have been contracted for shop furniture installation in the UK where I hired a Ltd. company, Do I need to register with CIS? My tax residence is in Czechia where I pay all my taxes. My mark up is about 25% so with the CIS tax I would be left with just 5%. I am asking because my client wants to know if I am registered with CIS and if I have a UTR number.
i was general labourer, local council via agency . scotland. i got told i couldnt be self employed . had go on PAYE. means my van hire, fuel, ad blue. relating to that job i cant claim on tax assesment!
Hi michael, im a subcontractor registered with the CIS, if my yearly earnings are over the 40% higher tax bracket of £50,271 , do i have to pay this at the end of the year or is it always 20% if the money is all from CIS??
It really depends how much profit you earn as it is this figure you are taxed on. If your an individual the you will pay 29% above your personal allowance. Your CIS pays any liability you have and any excess is a refund. Does. this help or should we chat on email ?
Thank you for watching! If you found the video informative or have any further questions about CIS, feel free to drop a comment below. I am here to support you and provide the answers you need to navigate CIS with confidence!
This is great content! Very impressive and very helpful! I will be in touch
Thank you. We would be happy to jump on a Discovery call too.
Im unsure about the paying twice situation. As a contractor I would be charging VAT, which I would be paying to HMRC, then being deducted the CIS also?
Happy to help. Drop me an email michael@mdh.me.uk and if necessary we can jump on a call
The most informative content on this subject, however, the most confusing about all of this, if you are a ltd company and are being deducted via CIS contractor 20%, a lot of the time the companies profit is 0% as ALL money in is then paid to further subcontractors in your gang. but with only 80% of gross income how can you afford to pay the gangs 100% rates if you do not meet gross status requirements. Have struggled with this indefinitely as i know many do, would really appreciate a video or response :)
You can offset the CIS deducted from income against the subbies deductions. But there could be other reasons too. If you need a chat book a Discovery Call with me.
Dear Michael, thank you for your video. But I did not find an answer to my situation and I think it is a tricky one. I am a sole trader based in the Czech Republic where I live. I have been contracted for shop furniture installation in the UK where I hired a Ltd. company, Do I need to register with CIS? My tax residence is in Czechia where I pay all my taxes. My mark up is about 25% so with the CIS tax I would be left with just 5%. I am asking because my client wants to know if I am registered with CIS and if I have a UTR number.
I can’t give advice with Czech tax.
@@MDHAccountants. Understood, thank you.
i was general labourer, local council via agency . scotland. i got told i couldnt be self employed . had go on PAYE. means my van hire, fuel, ad blue. relating to that job i cant claim on tax assesment!
But you have work. How is the job going?
Hi michael, im a subcontractor registered with the CIS, if my yearly earnings are over the 40% higher tax bracket of £50,271 , do i have to pay this at the end of the year or is it always 20% if the money is all from CIS??
It really depends how much profit you earn as it is this figure you are taxed on. If your an individual the you will pay 29% above your personal allowance. Your CIS pays any liability you have and any excess is a refund. Does. this help or should we chat on email ?
Does anyone have the link to register for CIS? I cant find the correct link online.
I'm a subcontractor.
Good question. Firstly you will need to register for self-assessment. Please click the link here www.gov.uk/register-for-self-assessment
As a subcontractor is the National Insurance included in the 20%?
Good question. The 20% is a tax deduction against all taxes. You work out what it is and offset against all other taxes
Is CIS only taken from labour ? If i have the below breakdown what will be considered as CIS .?
Labour £
Materials
Fuel £
Machinery £
Testing £
CIS is taken on Labour.
Machinery would be materials
Why would you put fuel
Testing depends what you mean?
@@MDHAccountants. Thank you for your reply much appreciated. Would this still stand if its owned by the company?
it’s the same rules. Are you a sole trader or Ltd?
Dietrich Skyway