Jul 31, 2024
Essential CIS tax deductions: what contractors need to know
It’s important to remember that understanding CIS tax deductions isn’t just about staying compliant with HMRC regulations; it’s also about the impact on the subcontractors. By mastering these deductions, contractors will avoid penalties and ensure fair and accurate tax filing for themselves and their subcontractors.
When you pay your subcontractors, you need to deduct CIS from their pay. The deduction rates are 20% for those registered and 30% for those