CONSTRUCTION
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What we do
After the sector boomed with a great demand for personnel, many experts in the UK are opting for contract job opportunities over regular jobs. As a result, monitoring and completing VAT and company taxes for contractors who trade through a Limited Company can be a difficult undertaking. The workload of operating a limited business that complies with the IR35 laws can be reduced by using an umbrella company.
Several contractors are already benefiting from umbrella firms as part of HMRC’s Construction Industry Scheme. We’re dedicated at Exel Consultancy to show you how using umbrella payroll services can actually help you. Not only that, but we’ll discover the best solution for you. The CIS is similar to PAYE services in that it deducts a percentage based on the contractor’s code and tax contributions. The sum deducted acts as an advance payment toward the subcontractor’s tax and NI obligations. Subcontractors do not need to register for the system, but contractors do.
Progression
Working as an employee for a new firm on PAYE pay is one possibility, but construction workers also have other options, including as establishing an umbrella company or becoming a sole trader and registering for CIS (the Construction Industry Scheme).
At Exel Consultancy, we examine the benefits and drawbacks of each choice in order to assist those at a construction career crossroads in making an informed decision and taking control of their destiny.
