View our full Glossary of accounting & payroll terms Visit full glossary Glossary definition What is CIS? CIS is the Construction Industry Scheme. Contractors must register and are required to deduct money from subcontractors’ payments, which counts towards their tax and National Insurance. Sub-contractors don’t have to register but they are entitled to a lower rate of deductions if they do. Subscribe to the Sage Advice enewsletter Join over 500,000 UK readers and get a roundup of our best business advice in your inbox every month. Subscribe now See this term in action Why MTD for Income Tax will make life easier for your business 16 September, 2021 How to submit a Making Tax Digital for VAT return 13 September, 2021 MTD for Income Tax: What Making Tax Digital means for sole traders from 2023 13 September, 2021 Subscribe to the Sage Advice enewsletter Join over 500,000 UK readers and get a roundup of our best business advice in your inbox every month. Subscribe now Related topics Construction Tax Search for another term Search for: Learn more about this definition and others Featured reading Trade secrets to building a plumbing side hustle Making Tax Digital checklist: How to ensure you're ready for MTD for VAT in April 2022 E-commerce VAT in the EU has changed. Here’s what you need to know Popular termsWhat is the food and drink industry?What is cash flow?What is the cloud?What is an employee pulse survey?