Contractors are required to meet specific obligations under the scheme:
- Registering with HMRC
- Checking subcontractors are registered with HMRC
- Deducting the right amount of tax from subcontractors pay
- Submitting monthly statements confirming these payments
- Paying HMRC
Subcontractors are also required to register with HMRC and have to be verified by their contractors. Each year the subcontractor has to file a self-assessment tax return and, depending on their income and expenses, will have either overpaid or underpaid tax.
Whether you’re a contractor or subcontractor, we can take the hassle away from worrying about monthly deadlines and whether the correct amount of tax is being deducted.