86 Watling Street East
Towcester, Northants
NN12 6BS
Registered in England & Wales No 3421480
Small Business
The electronic filing of forms P45 & P46 becomes a requirement for payrolls with less than 50 employees from April 6th 2011.
Accountants
Outsource your payroll service and free up your staff to add more value to your practice without any difference being apparent to your clients.
© Secure Facilities & Managment Ltd 2011
Construction Industry Scheme Explained
The Construction Industry Scheme is the framework which sets the rules for payments to subcontractors by contractors within the construction industry as well as some other related businesses.
•A monthly return must be made by contractors to HMRC, which must show all payments to subcontractors.
•Within this return contractors must make a ‘status declaration’ which states that none of the names of subcontractors on the form are employees.
•Contractors must verify new subcontractors with HMRC
•If a subcontractor is not registered with HMRC then the contractor must deduct tax at the higher rate.
•Once verified HMRC will then notify the contractor whether to pay the subcontractor either gross or net (with a standard rate of deduction of 20% or a higher rate deduction at 30%).
•Even if there are no payments in a month a contractor MUST make a nil return. There are penalties for failing to make this return.
