i4 CIS is a service designed for genuine self-employed subcontractors working in the construction industry, who have registered, or are eligible to register, for CIS (Construction Industry Scheme) status with HM Revenue & Customs.
You retain all the financial advantages of being self-employed, such as reduced NI contributions.
i4 CIS subcontracts your services to the agency for each construction assignment that you undertake.
You submit your timesheets as normal to your agency for approval. We raise an invoice to your agency for your services.
On receipt of funds from your agency we pay you the amount you invoiced us less the mandatory CIS tax (normally 20%). You will receive a pay advice showing the CIS tax deducted and a free SMS message confirming your payment.
Payments are made via free same day bank transfer directly to your account.
We pay the taxes we collected together with monthly tax returns to HMRC so you can rest assured that your taxes are always up-to-date.
You keep the receipts for all your business-related expenses as they will be needed when preparing your annual self-assessment tax return. You will need to arrange for monthly or quarterly payment of your Class
2 National Insurance Contributions (NIC), whereas your Class 4 NIC
is paid annually once your taxable profits have been calculated.
Getting paid through CIS is a fantastic way for self-employed contractors in the construction industry to maximise their pay, whilst also reducing their administrative burden.
The benefits of joining i4 are:
Our margin:
All you will need to do to get started:
If you are not self-employed, you will need to register with HMRC. This can be done online at www.hmrc.co.uk or by calling the HMRC Self-employed Helpline on 0300 200 3300.
You will be given a Unique Tax Reference (UTR) number.
Once you are registered as self-employed, you will need to register with the CIS by calling 0300 200 3210. HMRC will need your sole trader name and UTR.
Once you have done this, getting set-up and then working with i4 CIS is as easy as 1, 2, 3, i4!
1) Joining i4
2) Set up a Direct Debit for Class 2 NICs
You can set up a direct debit for Class 2 NICs on a monthly or quarterly basis and this can be arranged by contacting the NI contributions office on 0300 200 3500.
3) Keep your remittance advice slips
i4 will issue you with a remittance advice for every payment that we make to you, which will show you details of the invoiced amounts and the CIS payments that have been made to HMRC. You can view all your remittance advice slips
on your Myi4 App.
You will require your remittance advices to help you complete your Self Assessment at the end of the Tax Year.
4) Appoint an Accountant
You will need to complete a tax return at the end of the Tax Year. Any business related expenses you have incurred throughout the financial year
can be offset against any tax due.
