Construction Industry Scheme?
As you are being engaged by us as a self-employed subcontractor and being paid via the Construction Industry Scheme (CIS), you require a Unique Taxpayer Reference (UTR) number. This will allow us to pay across your tax which will be held ‘on account’ for you with HMRC. If you do not have a UTR number, then you will need to register for self-employment with HMRC by calling 0300 200 3210.
As a self-employed subcontractor you will be entered into a Self-Employed contract with Bishopsgate and therefore not be entitled to any employment rights, such as sick pay or holiday pay.
It will be your responsibility to ensure that you complete a self-assessment tax return at the end of each tax year, and that any outstanding liabilities for national insurance and tax are paid across promptly to HMRC. We suggest that you have money set aside for this at the end of the tax year.
Please also ensure you notify Bishopsgate immediately of any changes to your status.
One of the benefits of being in business on your own account is that you can claim tax relief against your work related expenses at the end of the tax year. Details on what can be claimed via your self-assessment tax return are here.
Please note that payment will be with you before the close of business on the day that you are due to be paid.