My husband is setting up a gang of plasterers contained by wellingborough am i right surrounded by thinking he requirements to register?
as a contractor in demand to pay them??
Answers: First of adjectives he needs to register as self employed himself - or set up as a controlled company - to invoice the work.
Secondly he needs to register beside the Inland Revenue under the construction industry arrangement. (CIS). In essence this scheme requires a business to reduce by a % of all payments made to its subcontractors (in this crust plasterers) and pass that money on to the Revenue. It is also extremely predictable that your husband / your husband's business will be a subcontractor in most instances and the contractor who uses him will themselves take off the same % from the money they rate to your husband. This can of course be offset/reclaimed by your husband any using the CIS return forms or when he files his annual tax return.
Hope that help.
For more information, please read the following:
http://www.hmrc.gov.uk/new-cis/index.htm
For tax purposes yes.
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Answers: First of adjectives he needs to register as self employed himself - or set up as a controlled company - to invoice the work.
Secondly he needs to register beside the Inland Revenue under the construction industry arrangement. (CIS). In essence this scheme requires a business to reduce by a % of all payments made to its subcontractors (in this crust plasterers) and pass that money on to the Revenue. It is also extremely predictable that your husband / your husband's business will be a subcontractor in most instances and the contractor who uses him will themselves take off the same % from the money they rate to your husband. This can of course be offset/reclaimed by your husband any using the CIS return forms or when he files his annual tax return.
Hope that help.
For more information, please read the following:
http://www.hmrc.gov.uk/new-cis/index.htm
For tax purposes yes.