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As some of you guys and gals might know, I have been self employed for a couple of years now. I send my books to my accountant who files it with HMRC.
I've been approached by a company who will be working on a local hotel in the near future and I was wondering if it was going to be worth my while.
I would be sub-contracted by the main contractor and be part of a team of electricians.
This main contractor would pay me through the CIS scheme.
He has quoted rates of pay as £18 an hour for up to 37.5 hours a week and £24 per hour for anything over that. Whatever I earn would have 20% taken off as tax and sent to HMRC.
I usually charge £30 an hour, but I have to take my overheads out of that, plus there's time during the week when I'm not being productive and cannot charge to any customer.
This hotel job would be 5 to 6 months initially on the existing building rewire, then maybe another 6 months on a swimming pool extension and more bedrooms. So regular hours, regular income.
Has anyone worked through a CIS scheme? Is it beneficial? and is it possible to claim expenses (eg mileage) on top of the £18 as it will be a 40 minute drive each way every day.
If I take it, It will mean I'll have to do my normal little jobs on evenings and weekends.
Thoughts.... good or bad?
I've been approached by a company who will be working on a local hotel in the near future and I was wondering if it was going to be worth my while.
I would be sub-contracted by the main contractor and be part of a team of electricians.
This main contractor would pay me through the CIS scheme.
He has quoted rates of pay as £18 an hour for up to 37.5 hours a week and £24 per hour for anything over that. Whatever I earn would have 20% taken off as tax and sent to HMRC.
I usually charge £30 an hour, but I have to take my overheads out of that, plus there's time during the week when I'm not being productive and cannot charge to any customer.
This hotel job would be 5 to 6 months initially on the existing building rewire, then maybe another 6 months on a swimming pool extension and more bedrooms. So regular hours, regular income.
Has anyone worked through a CIS scheme? Is it beneficial? and is it possible to claim expenses (eg mileage) on top of the £18 as it will be a 40 minute drive each way every day.
If I take it, It will mean I'll have to do my normal little jobs on evenings and weekends.
Thoughts.... good or bad?