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How to Manage Construction Contractor Payments
There are a number of ways that your business can reduce the time, cost and effort of managing your contractor payments and these include;
- Construction Industry Scheme
- Personal Trading Companies
- Umbrella Solutions
- Specialist Payroll
Construction Industry Scheme
For each week that you work approved timesheets are collected, and pay rates obtained direct from your employment agency. Payments are processed according to your CIS tax status, making payment direct to your bank account on the Friday following your working week. For example, for a timesheet that ends Friday 5th, the payment will be made on Friday 12th.
As a self-employed individual you will be responsible for your National Insurance Contributions; when you sign up for self-employment you’ll be asked to pay NI by direct debit – the easiest way to ensure you’re up-to-date with contributions and eligible for NI benefits.
Being paid through your own company as a self-employed worker gives you the same tax benefits available to all other entrepreneurs. You’ll have the flexibility to take your income as a combination of fees and dividends, thereby reducing the overall taxation on your income. In addition, you’ll be able to offset your business expenses on a weekly basis, maximising your cash flow and take- home pay.
Personal Trading Companies
To operate a PTC you need to become the sole director of the limited company so that you are in control. A range of specialist companies can help you set up and manage your limited company. It’s an easy, hassle-free way of working through your own limited company, whilst you retain control the entire time.
Once a PTC is formed it is difficult to dissolve the company; therefore this method of working is designed as a long-term solution. However, it will not restrict you in any way, and you are still free to change employment agencies, etc. For this reason PTCs are not suitable as a short-term solution.
Umbrella Companies
An ‘Umbrella’ company is simply the company that you join as an employee through which your wages are paid. The umbrella company is responsible for paying your PAYE tax and NI contributions direct to HMRC. If you join a third party umbrella company you’ll be able to offset your business expenses on a weekly (or monthly) basis; this can give you a major benefit compared with PAYE where no weekly (or monthly) offset is possible. Employed candidates can be paid through the umbrella company and get early tax relief for business expenses.
Specialist Payroll
Many accountancy and payroll companies offer a specialist Payroll service, if your needs are more complex, or you need a more personal service.
About the Author
Written by Oriel, one of the leading contractor companies in the UK. Our success is thanks to our commitment to achieving customer satisfaction through a range of well thought out, practical services that include Construction Industry Scheme (CIS) solutions, Personal Trading Company (PTC) solutions, Umbrella solutions, and Specialist payroll services tailored to both construction and non-construction workers alike. For more information about our contractor solutions call us now on 0845 226 1823 or visit http://www.orielgroup.co.uk/Contractors/.
Is Construction Management a good career choice in today’s economy? What are some careers that are similar?
I am looking into getting into construction management as a career, but I keep hearing that it is not a good thing to get into the way the economy is going nowadays. Some advice would be greatly appreciated. Also what are some good jobs that are similar to construction management.
P.S. I am in 10th grade so some colleges where I could study the specific career would be appreciated also. Thank you everybody in advance.
One of my skills is construction management. I know some people who’s skills include construction management. Right now we are unemployed.
I do not want to discourage you. My the time you graduate college, we we have a new economy.
The best is to take something with options, or a dual degree. For example become an engineer (or architect) who can also do construction management in addition to other things as the market changes.
Construction Management, College of Engineering, UNL
In by gone days all a contractor had to do was give the customer good quality and good service and he/she would be set. Then set back and let your customers do your selling for you. They would tell a friend and then that friend would tell a friend. Your phone would be ringing off the hook. I remember as an Architectural designer some days I would have up to four people wanting to schedule appointments for designs. Those days are long gone! But Fear Not! Click Here For Help
