The Construction industry Scheme is available to all self-employed contractors within the construction sector, that are NOT under SDC. In order to be paid CIS, a contractor must have a Unique Tax Reference Number (UTR Number) that Rocket Paye will verify with HMRC to obtain the correct Tax percentage, that will be used to calculate tax deductions on your pay. Standard Tax deductions will be at 20% and Higher Rate tax deductions would be at 30%. All tax deductions are taken at source by Rocket, leaving the balance payable to the worker each Friday. All tax deductions are then paid to HMRC.
Rocket Paye can provide a self-employed contractor with a Statement of Earnings (SOE) at any time should you require an income statement for any reason. This is also available to uploaded to your contractor portal or Phone App.
CIS Contractors can offset expenses against their tax liabilities; however, this can’t be done weekly. A contractor would need to save all receipts from their expenses and submit a Self-Assessment Tax return at the end of the Tax Year. If there is a Tax Rebate due, HMRC will pay this to the worker, not Rocket Paye.
Contractors can maintain self employed status but without all the hassle of having to deduct and take care of their own tax liabilities.
Rocket Paye deal with HMRC when necessary, so you don’t have too
20% flat tax on all earnings
Payments received by Faster Payments every Friday, first thing in the morning
Piece of mind that you are a genuine self-employed contractor and don’t fall under the False self-employment category
As a reputable and compliant payroll provider, Rocket Paye follow all the guidelines provided by the UK Visa’s and Immigration Agency (Home Office). Before paying you, we are required to see proof of Identification, to the levels required and make sure you have the Right to Work in the UK. Depending on where you are from, depends on what documents we are required to see from you.