He's having bother with the various registration forms and I said I'd give him a hand filling them in if he came and visited me tomorrow afternoon to see if they could be done online.
It's just the order of doing things.
Box 17 on form CWF1 asks
"Please tick this box if you are a subcontractor in
the HM Revenue & Customs Construction Industry
Scheme (CIS). Otherwise leave blank.
Phone 0845 366 7899 for further information
about CIS. You still need to fill in the rest of this
form to register as self-employed."
Now he intends going on this scheme so should he tick the box "yes" even though he is not on the scheme yet.
Filling in the form CWF1 - does this automatically register him for self assessment. I'm not talking about registering for filing tax returns online here. Although, would it be better just to register for that as well. But you need a UTR for that don't you. You need one reference to do one thing and to get the reference you need to register somewhere else. They don't make things easy, do they?
I guess what I am asking is what order should he do things in so that he can be registered as self employed and to get on the CIS scheme so he is only getting 20% deducted and not 30%.
__________________
Never buy black socks from a normal shop. They shaft you every time.
CWF1 registration will automatically register him for self assessment.
He also needs to tick the box if he intends to be a sub contractor. HMRC will make a judgement whether it is 20 or 30% they deduct. Generally it will be 20%.
__________________
Phil Hendy, The Accountancy Mentor
Are you thinking of setting up your own practice or have you set up and need some help?
If so a mentor may be the way forward - feel free to get in touch and see how I can assist you.
Thanks for that. I was watching one of your other videos there before I had to re-boot. I couldn't stand up in front of people and give a talk/q&a for 13 minutes.
__________________
Never buy black socks from a normal shop. They shaft you every time.
Actually that was about 20 minutes. I edited the heckling etc. that came with it!
This was done at a networking group 4N and is a 4sight, so not a sales pitch. One of the benefits of being a member is that you get the opportunity to practice presentation in a less formal environment. I am not a particularly good speaker - yet have been asked to present at a college about the benefits of apprenticeships.
__________________
Phil Hendy, The Accountancy Mentor
Are you thinking of setting up your own practice or have you set up and need some help?
If so a mentor may be the way forward - feel free to get in touch and see how I can assist you.
