The Construction Industry Scheme (CIS) is a set of special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’. The scheme applies mainly to contractors and subcontractors involved in construction.
A recent First-Tier Tribunal decision examined a case, where a limited company in the floor and wall covering business had failed to make monthly returns on time for the period April 2016 – December 2016. There are penalties for late submission of CIS contractor monthly returns. The penalties increase the longer the returns are outstanding. HMRC issued the company with penalty assessments ofRead more