Construction Industry Scheme (CIS)
What Is The Construction Industry Scheme?
The Construction Industry Scheme requires contractors to be engaged on a self-employed basis. As part of the scheme, contractors deduct money from a subcontractor’s payments and transfer it to HM Revenue and Customs.
eQuidity have robust processes in place to guarantee full compliance with HMRC guidelines. We provide a comprehensive service for all contractors in the construction industry. When you subcontract your services to eQuidity, you can be sure that you are working with a fully compliant contractor.
Why Choose Us?
We streamline all of the paperwork on your behalf. You are not required to agree to an annual contract, so you are free to use our services as and when you choose. At the end of the tax year, you have a full record of your earnings to claim tax back on your business expenses.
Benefits of subcontracting through eQuidity:
• A guarantee to pay you on time, every time
• The opportunity to work with a single organisation
• We invoice the end client for the services you have provided and calculate your pay net of CIS tax and our margin
• A monthly statement to keep your records up to date, weekly payment advice.
• Payments made by bank transfer
• Public Liability Insurance
• Personal Accident Cover
• A flexible service which you can use when you need it
How Much Would It Cost?
eQuidity take only a small part of your income as our margin for our services, including processing your pay.
This margin is deducted as a fixed weekly amount, as outlined below:
Earn less than £300 per week
£15 per week
Earn more than £300 per week
£22 per week
eQuidity’s margin covers all sub-contractors with Public Liability Insurance and Personal Accident Cover.
CIS (Self -employed) – Public Liability Insurance
What is Public Liability Insurance?
Public liability insurance protects a business in the event that someone makes a claim against you for causing accidental damage or injury, whether to individuals or property. This claim could be made due to circumstances which took place either at your premises, or as a result of your business activities.
Self-employed public liability insurance
All self-employed subcontractors need public liability insurance. Which is why, as a fully-compliant company, eQuidity automatically covers its sub-contractors with Public Liability Insurance and Personal Accident Cover. eQuidity want to ensure that all of their sub-contractors have the same peace of mind that, should anything go wrong, eQuidity are here to help you get through it.A guarantee to pay you on time, every time
CIS (Self-employed) – Right to work
When you register with eQuidity, we will ask to see your passport or birth certificate. We will then photocopy these documents and retain them for our records. All potential subcontractors are asked to provide proof that they are eligible to work in the UK before we can engage their services.
Do You Need to Provide a Passport or Birth Certificated to Work as Self-Employed Under CIS?
Providing us with this information is not a legal requirement of working as self-employed under CIS as you are a self-employed sub-contractor. However, we request this information from you as we feel that it is good business practice, and it helps us and our agency partners to manage our workforce more effectively.
If you have any questions at all about providing us with these details, then please get in touch with our team on 03333 585 222 or email enquiries@eQuidity.co.uk to find out more.
CIS (Self-employed) Registration criteria
If you are unsure if CIS self-employment is the right route for you, below we’ve compiled a list of some of the questions we will discuss with you over the phone prior to your registration; to give you an idea of the considerations you will need to make and that we can advise on:
- Are you registered self-employed with HMRC?
- Do you complete a tax return?
- Have you engaged helpers/used a substitute previously?
- Do you consider you are responsible for your own management of your services?
- Do you provide any of your own tools & equipment?
- Do you have an accountant?
- Have you been employed in the last 2 years doing the same works?
- Do you decide how to carry your work?
The Next Step
If you have any questions about registering as self-employed under the CIS scheme with our company, or would just like to find out more about the options available to you, then please call 033 33 585 222 or email enquiries@eQuidity.co.uk