Does CIS Gross Payment Status Transfer to Sole Trader Business?

Q. My Building Business is Winding Down as I Prepare to Retire. I Want to Close My Company, Which has Gross Payment Status for the Construction Industry Scheme (CIS) and Carry on any Further Work as an Individual Sole Trader. Will the CIS Gross Payment Status Carry Over into my Sole Trader Business?

A: When a sole trader builder incorporates their business their CIS gross payment status (if they have that) carries over into the new company. As your company is entirely owned by you, and you are the only director, HMRC will view you as a sole trader and your company, as a continuing business for CIS purposes. So, the CIS gross payment status should carry on into your self-employed trade.

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