If you are working as a contractor, or a labourer you may need to comply with a number of tax rules that you are currently unaware of.
Most contractors who are doing work for a larger company will be registered or need to register for CIS. Generally the company employing you will ask for your CIS registration details, but even if they don’t it may not exempt you from being registered or settling your tax through the CIS scheme.
Furthermore, you may need to complete a personal tax return, as if you are registered for CIS under the net scheme, then your personal allowance will not have been taken into account and you may be due tax back.
If you are a company employing contractors, you may need to register for CIS and an employer and correctly collect and pay CIS tax to HMRC. Not doing this may leave you open to paying tax at a later date, with no clawback from the contractors you employed.
If you are unsure about your tax position, need help with or need to register for CIS we can help, please contact us