Are you currently working in the construction industry, either as a contractor or sub-contractor? If so you could well be eligible for a government scheme designed for your business.
With Payroll Village we take you through each stage, whether you are new to CIS, or whether you are looking to change the people who manage your payroll. In a few simple steps we can get you up and running.
What is the Construction Industry Scheme (CIS)?
CIS is a set of rules that handle the payments between contractors and subcontractors when it comes to paying and reporting. With these rules there are clear paper trails, records, and schedules for making payments between contractors and subcontractors.
What is the benefit to me?
If you are a contractor or subcontractor there are a number of benefits that affect how you work, mainly about the payments you receive each month. The benefits come in reduced administration costs with a professional managed service from Payroll Village. A reduction in these costs means you can still retain the schedules you have within the industry, without losing time in running your limited companies payroll, especially if you are self employed as a contractor and do not have the necessary staff to manage subcontractor payroll.
Further Benefits...
Retain self employed status
Under other payroll systems there are often rules about your employment status, with CIS, you can retain you status as a self employed person, you retain control of your business, saving on the costs of administration.
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Verification of subcontractors and contractors
Making sure you are paying the right people and that they are registered with the proper authorities before you pay them. With these checks any paperwork can be verified and records kept maintaining your security with companies you subcontract to. Verification can help to ensure the quality of work, timely delivery, and professionalism are all delivered from suppliers that are reputable and not simply there to make money.
Monthly Tax and National Insurance handled
Each year the tax system changes, with amounts and rules modifying systems in place. Our team at Payroll Village are continually in contact with HMRC, maintaining records and information to keep you and all our clients up to date with information. With this constraint contact and updating procedure our processes simply keep you paying the right amount of tax and national insurance, no missed payments, and therefore no fines or charges when it comes to your payroll information in your tax returns.
Insurance and protection
Coverage with insurance can be expensive and complicated to make sure that every scenario that is needed is covered for and is appropriate for your construction site. Each of the people and subcontractors can be insured and protected under our schemes, therefore ensuring a safe and secure working environment.
Your next step...
If you work in construction and are a subcontractor or contractor then your next step is to contact us, will then discuss your options with you, and then come and present to you, from there you can sign up and start getting you payroll managed. Take out the paper work, save time and money with Payroll Village today.