To ensure the apt deposit of taxes and advance payments by the subcontractor, the HR Revenue and Customs Department has come up with a scheme called construction payroll or CIS payroll. Under this rule, the contractor of the construction has to deduct the payments of the subcontractors and need to deposit to the government (HRMC Department). This ensures that the government has the deserved tax and payments of National Insurance. Other than the contractor services, other companies also need to list themselves for the scheme.
A company which involved in long constructions and spending a good amount of money needs to be registered themselves on the CIS Payroll scheme. To enlist in the payroll scheme is very easy; at first you need to have a UTR number from the UK government’s official website. As you get the UTR number, you need to contact the payroll officer and know the paperwork.
You can hire an agency to do all the paperwork; numbers of agencies are available in the market for doing this. You can do this all by yourself as well, but then you would not be able to focus on the work.
Advantages of hiring CIS Payroll agency
CIS payroll scheme refers to the amount that is payable to the country’s government as a tax and for national insurance. Every construction company must join this scheme. You will find various agencies in the market that helps the companies to register.
- The agency helps in managing paperwork with the Revenue and Customs department. The main aim of the agency is to provide maximum profit to their client. So, they tried their best to serve the construction company with a good track record. The agency has experts of law, and thru will assure that all the paper work is done according to the guidelines.
- If you owned a construction company and faced a problem in understanding the CIS payroll scheme, it would be best to hire an agency. Most of the companies are confused about the construction payroll. So, it is advisable to take bits of help from an agency and contribute to national development.
- The agency has an expert team of law officials who help the construction companies register in the CIP payroll scheme. According to the scheme’s guidelines, if the company is working for more than three years and has a turnover of about one million Euros every year, the company must register in this scheme.
- The scheme is mainly meant for national insurance providing insurance to the people working as construction companies. The scheme has shown good results and becoming successful on the ground. You will find various agencies in the market, but all are not trustworthy and reliable.
- Most of the construction company owners are facing problems in registering in the CIS payroll scheme. Here, the agency’s work comes; it helps the company manage all the legal paperwork, fill the form, have a UTR number, etc. The main aim of the agency is to provide convenient services to the company.
- When you are free from the stress, you can focus in the business and expand your profits.
If you are filling the eligibility mentioned above, you have to register in the CIP payroll scheme. To make the task easier, it would be best to hire an agency. It will help you in deciding the construction payroll. Moreover, it will represent your country with a good track record in front of the Revenue and Customs department.