Companies involved in construction will be well aware of the Construction Industry Scheme (CIS). Under this scheme, the prime contractors must take responsibility for their subcontractors’ tax and National Insurance liabilities by deducting the appropriate percentages from their subcontractors’ payments and passing these on to HMRC.
Show us an example of a family business and we can almost guarantee that the phrase “but that’s not how we used to do it” will have cropped up at some stage during any inter-generational handover! And we are not being critical here, both parties to this discussion will actually be correct.
According to the House of Commons Library Briefing Paper Number SN06152 published on 12th December 2018, 96% of all UK private sector businesses have fewer than 10 employees. There are also 4.2million businesses in the UK with no employees at all.
Find out how we can help your business,
Book your free consultation here!