CIS - EVERYTHING You Need to Know About the Construction Industry Scheme (CIS Series 9)

CIS - EVERYTHING You Need to Know About the Construction Industry Scheme
Welcome to our comprehensive guide to the Construction Industry Scheme (CIS) in the UK! In this informative video, we delve into all the essential aspects of CIS to help you navigate this crucial scheme with confidence.
Discover what CIS is, who it applies to, and how it affects businesses and individuals in the construction industry.
Michael explains the rules and regulations of the CIS, including how to register and how to file returns.
Our expert analysis breaks down the complexities of the scheme, making it easy for you to understand and comply with. Don't miss this essential guide for anyone working in the construction industry!
Watch the video to empower yourself with the knowledge you need to navigate CIS successfully. Don't forget to like, comment, and share the video with others in the construction industry who could benefit from this information.
Whether you're new to CIS or seeking a refresher, this video is a must-watch for all construction industry professionals in the UK. Equip yourself with the knowledge you need to succeed in CIS and ensure smooth operations within your construction business.
MDH Accountants is an award-winning firm based in Accountants Surrey and Accountants London. Our Director, Michael Hemme, is known as the Wealth Whisperer!
Time Stamps:
00:00 - Intro
00:35 - Who Needs To Register?
01:04 - What Is Included under CIS?
01:25 - Why was CIS implemented?
01:55 - Know Your Customers
02:35 - Deductions
03:00 - CIS Rates
03:17 - Verify Your Subcontractors
03:36 - Benefits Of CIS
04:25 - Offsetting Your Deductions
04:53 - Be prepared and stay on track
05:36 - Contact Us
05:50 - 74 Ways To Pay Less Tax
Watch the whole CIS Playlist here:
• CIS Accounting for Bus...
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Content ID 9MTS2IPKUCBN8VWL
• CIS - EVERYTHING You N...

[@MDHAccountants.]

Thank you for watching! If you found the video informative or have any further questions about CIS, feel free to drop a comment below. I am here to support you and provide the answers you need to navigate CIS with confidence!

[@auxtonplays2873]

The most informative content on this subject, however, the most confusing about all of this, if you are a ltd company and are being deducted via CIS contractor 20%, a lot of the time the companies profit is 0% as ALL money in is then paid to further subcontractors in your gang. but with only 80% of gross income how can you afford to pay the gangs 100% rates if you do not meet gross status requirements. Have struggled with this indefinitely as i know many do, would really appreciate a video or response :)

[@MDHAccountants.]

You can offset the CIS deducted from income against the subbies deductions. But there could be other reasons too. If you need a chat book a Discovery Call with me.

[@3tprojects]

This is great content! Very impressive and very helpful! I will be in touch

[@MDHAccountants.]

Thank you. We would be happy to jump on a Discovery call too.

[@Tacticuz]

Hi michael, im a subcontractor registered with the CIS, if my yearly earnings are over the 40% higher tax bracket of £50,271 , do i have to pay this at the end of the year or is it always 20% if the money is all from CIS??

[@MDHAccountants.]

It really depends how much profit you earn as it is this figure you are taxed on. If your an individual the you will pay 29% above your personal allowance. Your CIS pays any liability you have and any excess is a refund. Does. this help or should we chat on email ?

[@alwayslearning7672]

Does anyone have the link to register for CIS? I cant find the correct link online.
I'm a subcontractor.

[@MDHAccountants.]

Good question. Firstly you will need to register for self-assessment. Please click the link here www.gov.uk/register-for-self-assessment