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!
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.
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 ?
