BillyCabrio

iTrader: (1)

Afternoon,

Anyone care to explain how this works in laymans terms please?

Just spoke to an agency who said i can use a company who can maxmise my earnings?

bookwyse

Construction Industry Scheme

Unique Tax Reference.

Basically you have two types of CIS cards:

1) Is for the individual where the sompany you are doing work for stops a set amount (27% or similar) which is then paid to the tax man on your behalf. You then haver to submit your Self Assesment return each year along with your accounts and they will determine if you are are due a tax refund or not. If you use a good accountant (like us) then you will normally be entitled to a tax refund.

2) Is for a company with employees. In this case the company receives the full amount for the individual who is having the work done without ANY stoppages. The downside is that you then have to account for the tax yourself and it is a lot harder to get the correct card for these nowadays.

Feel free to drop me a pt if you need more info as this is my bread and butter work. Do on average 30 returns a month!!!!

leecavturbo

billy go with the company they tell you to use.
likely a company called gabem or sterling
but there are many.
basically the agency pays your money to this
"payroll company" then they charge you around
£20 a week to compute your wages but the bonus
is you will pick up after tax far more than any other
method of pay. its all legal and legit.

BillyCabrio

iTrader: (1)

The job i'm starting tomorrow have told me their going to pay me thru Sterling....

So do they knock me for the 20% + their fees?