- Construction & Engineering
What should we expect in construction in 2023?
Many subcontractors within the construction industry are part of the Construction Industry Scheme – CIS. The scheme was set up by HM Revenue & Customs (HMRC) to collect payments from subcontractors working within the industry. These payments cover both National Insurance and Tax. As many subcontractors are self-employed and therefore not an ‘employee’ (who would be covered by the PAYE system), CIS becomes the next suitable option.
In order to qualify for CIS, there are some checks and verifications that the subcontractor will have to pass, however if these checks are passed you will be eligible to enter the scheme.
If you work within construction and not part of CIS, you will be taxed at a higher rate of 30% rather than the 20% the government have set up for construction workers.
You will also be guaranteed payment for the work you complete, reducing the hassle of the administration.
If you require support or further information about CIS contact the helpline
As a recruitment specialist within the construction industry, we partner with the best suppliers that are able to offer support to our workers. Stonebridge Payment Solutions provides a solution to the PAYE alternative to subcontractors.
Why Cavendish Professionals uses Stonebridge Payroll services
“We have found Stonebridge to be a great partner to support our contracting candidates. They are swift and always available to support our staff and candidates” Mark – Director of Construction Division
If you are a subcontractor/contractor, contact Stonebridge if you are looking for a payroll service supplier.