Construction Industry Scheme
If you work in the construction industry, whether as a contractor, subcontractor or on a construction site as part of your day-to-day duties, the work you carry out may fall under the Construction Industry Scheme (CIS).
CIS was created by HM Revenue & Customs (HMRC) in order to facilitate the collection of tax from construction industry workers. If you choose to operate as a CIS registered worker, it allows you to take advantages of a range of benefits.HM Revenue and Customs has put rigorous special tax compliance regulations in place for the construction industry where subcontractors are used on projects. Failure to follow these rules could lead to severe and avoidable tax penalties and the loss of “qualifying status”. In the worst cases, contracts could be lost as a result of action by HMRC.