Welcome to this presentation on the Construction Industry Scheme for subcontractors, part two. I'll refer to the Construction Industry Scheme as CIS from now on. This presentation is in two chapters, and this is the second one, covering payment and deduction statements, record-keeping, and tax returns. Remember, there's more information about CIS in the booklet, "Since 340," on the HMRC website. Every time you give your contractor an invoice or ask for a payment, your contractor works out the deduction he has to make from your payment. Here's an example for a subcontractor called John: John isn't VAT registered. He buys materials which the contractor pays him for later. He charges his labor for the job at £400 and materials at £240, making a total of £640. The contractor starts with the amount he owes John and then has to take away any VAT John has charged him for materials, any fuel used (except for traveling), plant tire, and manufacturing or prefabricating materials. Here, the only amount to take away is the cost of John's materials. So, the balance before making the deduction is £400. The contractor then applies a 20% deduction to the amount that's left to work out the amount he needs to deduct. So, £400 at 20% gives a deduction of £80. This leaves a net amount of £320. In this example, John is paid a net amount of £320 and the cost of his materials is £240, making a total of £560. Here's a copy of a typical CIS statement that's on the HMRC website. Contractors can use their own, as long as it has all the information shown here. The contractor can include other information to help you understand the payment, for example, the amount of VAT charged by you. An advantage of working as a subcontractor is that it's the...
Award-winning PDF software
Sub Contractors Statement online Form: What You Should Know
Fill out an online subcontractor form with multiple sub-contractors and sign and print it quickly ✓ Vastly & with ease Sign online and share with Everyone around you. Print & mail in your free copy of Form W-9.
online solutions help you to manage your record administration along with raise the efficiency of the workflows. Stick to the fast guide to do aU Subcontractor Statement, steer clear of blunders along with furnish it in a timely manner:
How to complete any aU Subcontractor Statement online: - On the site with all the document, click on Begin immediately along with complete for the editor.
- Use your indications to submit established track record areas.
- Add your own info and speak to data.
- Make sure that you enter correct details and numbers throughout suitable areas.
- Very carefully confirm the content of the form as well as grammar along with punctuational.
- Navigate to Support area when you have questions or perhaps handle our assistance team.
- Place an electronic digital unique in your aU Subcontractor Statement by using Sign Device.
- After the form is fully gone, media Completed.
- Deliver the particular prepared document by way of electronic mail or facsimile, art print it out or perhaps reduce the gadget.
PDF editor permits you to help make changes to your aU Subcontractor Statement from the internet connected gadget, personalize it based on your requirements, indicator this in electronic format and also disperse differently.
Video instructions and help with filling out and completing Sub Contractors Statement online
