CIS Tax - What does it mean for me?

Contractors under the Construction Industry Scheme (CIS) need to follow certain rules. For example, you have to tell HM Revenue & Customs (HMRC) each month about any payments you've made to your subcontractors within the scheme. You do this by submitting a monthly return.

To help HMRC check you're making your monthly returns correctly you are expected to keep records of your payments to subcontractors. You have to keep these records for a certain length of time so that HMRC can check them as and when it needs to.