Cis

[Deleted member 26818]

I registered the limited company as a sub contractor not myself, it took about 10 phone calls to HMRC through their stupid phone systems to sort it out.

So your Ltd company is a sub contractor, employing yourself under CIS, but you are not registered.

 

[D Skelton]

So your Ltd company is a sub contractor, employing yourself under CIS, but you are not registered.

No, he has already clearly explained that he is a director taking a minimum salary as a company employee. His company is registered as a subcontractor though.

 

[Anthony S]

Anyone or any company, limited or not that works in the construction industry and works for another construction contractor in the construction industry will get 20% or 30% stopped at source unless you register for Gross payment and then you have meet a criteria like D Skelton states.

That as be the normal process for a few years now and going limited saves you any NI you are liable for.

Iv'e been limited for years and still have a personal UTR so can work as a sole trader or as a paye through my limited company.

Best to have the 2 options at hand, directors and their limited companies have to submit real time submissions to the HMRC now, so you take a wage and at the end of the year get paid in company Dividends.

With offsetting any CIS deductions suffered against your Corporation Tax bill you have to put it in writing to HMRC because the Corporation department don't ask the CIS department. Otherwise you just wait for a rebate but still have to pay the Corporation Tax bill in the mean time.

Its all simple and straight forward and things self employed/ limited people should know.

 

[HappyHippyDad]

Well I'm going to look at that option for the gross payment status, I'll have to look at the figures.

i guess it's all a learning curve, it's a lot easier just working for yourself on your own in your own little world without anyone else.

Completely agree Tom! No arguments, less paperwork, nobody turning up late or ringing in sick, nobody to answer to apart from yourself!

 

[Octopus]

Well I'm going to look at that option for the gross payment status, I'll have to look at the figures.

i guess it's all a learning curve, it's a lot easier just working for yourself on your own in your own little world without anyone else.

Or do what I do, and work alongside other trades but deal with the clients directly. A far easier approach!