Tax & accounts for sub contractors
Any contractor that you work for must determine whether or not you are to be treated as employed or self-employed for every contract. If you are an employee for the contract, the contractor will need to operate a PAYE scheme whereby tax and National Insurance Contributions will be deducted from the payments made to you. If you are self-employed, HMRC will register you as a sub contractor under the CIS scheme and they will set you up to receive payments ‘under deduction’. This means contractors must make a deduction of tax at 20 percent (30 percent for unverified sub contractors) from the labour element of their invoices and pay it over to HMRC.
Sub contractors accountant services
Tailored tax and accounts for Sub contractors Self-employed Individuals, Partnerships, and Limited Companies.
NMJN sub contractors accountants and tax advisers will:
Determine your status as a subcontractor or employee, (or both) and register you with HMRC accordingly.
Verify you with HMRC on behalf of your contractor.
Manage and organise your business records.
Prepare your end-of-year self-assessment tax return and calculate your tax liability/ refund where applicable.