CIS SubContractor Umbrella Service
Paycheck will act as a Registered CIS Contractor, with you the registered Subcontractor, meaning we will both be caught by CIS Legislation. We will make all the deductions and dealing with the client, leaving you to get on with what you do best.
Advantages
- You can remain self employed and still use your trading name (if applicable).
- We take care of the invoicing, collection of monies and CIS deduction.
- Both Personal and Client Material Costs can be claimed.
- You will receive your money in your account the same day we receive the funds from the end client.
- Eases Agency/ End client administration as payments will be made to us at Gross.
- You remain self employed, therefore you are not subject to Employers National Insurance saving you money.
- You can claim legitimate business expenses through your self assessment.
Disadvantages
- Material Costs are treated as a deduction on account, all costs incurred require all receipts and documents to be kept and completed on your Self Assessment. HMRC will asses these against your Tax liability.
- You are caught by the CIS Scheme and need to register yourself with HMRC as a subcontractor.
- You will need to complete a Self Assessment every year.
- You will need to arrange your own Class 2 National Insurance payments (£2.40pw) with HMRC and save the Class 4 Deduction of 8% on profits above £5715, to pay following your Self Assessment.
- The money you receive isn’t necessarily the money you can spend, as the CIS deduction made is just a deduction on account and your actual tax will be calculated following your Self Assessment.
- You need to keep track of your claimable expenses, keeping hold of any required paperwork before you can claim tax relief on these through your Self Assessment.
Fee from only £12.00 net.
You won’t find a more reliable service for a cheaper price anywhere in the UK
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