CIS takes 20% of the labour part of every payment (30% if you are not CIS-registered), and since 1 March 2021 the domestic reverse charge sends the 20% VAT on your invoice to HMRC via the contractor, not to you. Budget the cash you will actually be paid.
| Labour part of the price (CIS is charged on this) | - |
| CIS deducted by the contractor | - |
| Retention held back | - |
| Cash paid into your bank by completion | - |
| Contingency | - |
| Total job budget incl. contingency | - |
| Cash left on completion | - |
| Profit after CIS credit and retention release | - |
| VAT you will NOT receive (reverse charge) | - |
| Cash short vs a price + VAT budget | - |
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Free construction budget templates count your costs against price + VAT. Under CIS and the domestic reverse charge (since 1 March 2021) the contractor keeps the CIS and pays your VAT to HMRC, so check the cash line before you sign.