Hi guys looking for some help to save me hours on a phone to HRMC as i can't find the answer online... ok here goes and i hope its not to rambled
I do a £10,000 job for a main contractor ( labour only) he stops me £2000 under the CIS scheme simple.... now i get a little lost because my Sub contractor will bill me say £1000 to keep it simple i now have to stop his tax on already taxed income, so technically i'm paying 40% tax on the £1000.00
Is this right ? and how is this offset ?
Glen
I do a £10,000 job for a main contractor ( labour only) he stops me £2000 under the CIS scheme simple.... now i get a little lost because my Sub contractor will bill me say £1000 to keep it simple i now have to stop his tax on already taxed income, so technically i'm paying 40% tax on the £1000.00
Is this right ? and how is this offset ?
Glen