A nation could not be built alone by itself. It needs professional builders, ready to do hard labor and dedicate their lifework in building infrastructures we all use nowadays. But the biggest problem they all face is the safety of their payment from contractual work and leave them all to dust.
If you are a small-scale construction company and ready to participate in the market but have problems securing your payroll? Then this article is tailored for you.
Construction Companies, whether on a small or large scale, are now in high demand. Due to the rising of the population and needs a new building to address this problem.
But how can they secure their operation? Before that, let’s talk about the threats.
The common problems in payroll error were the consistency of an organization in the payroll process, incorrect tax withholding, and underpayments. There are major risks like compliance issues and penalty including the waste in management resources that impose a threat for workers.
What if there’s an emergency or accident during the job? Can you still receive full payment? These are some concerns that are at stake if you don’t have an assurance for your wages.
How to Counter this Issue?
Large construction companies are coordinating with CIS Payroll Company to protect their rights and payments. It provides protection and saves effort and money while focusing the company on their projects and core business.
Is it worth it?
Thousand of professional contractors and sub-contractors recommend “CIS company services” for there are several advantages before delivering payment on time. These include some of their additional services.
-Verifying individual sub-contractors
-Calculating the payment of each sub-contractor according to the agreements.
-Notifying each sub-contractor of the exact amount of payment
– Provide necessary payment statement and annual CIS deduction statement.
-Providing public liability insurance if needed.
Furthermore, an individual sub-contractor gains more benefits like the removal of threats from status review. Perhaps the ability of the company to give you a flexible workforce and match staff to workload.
There are hundreds of Companies that suffer because of payment problems stated above. Some employers are being taken advantage of it, because according to a 2019 survey that in the worker’s population, there are at least a large number of workers that are self-employed at 177 thousand and followed by 257 people employed in companies with 500 or more employees.
Most of these construction projects have no formal contract agreement between the employer and company or sub-contractors.
Availing a CIS company would not only minimize some risk, but it also saves money. While protecting your right as a worker and professional contractor.