Companies involved in the construction industry may need to register for the CIS ‘Construction Industry Scheme’. The way you register will differ according to whether you are a contractor, sub-contractor or even both! We will help you determine how you should register and then guide and assist you with the registration process.
As a contractor, when you start working with a subcontractor for the first time, you will need to verify them with HM Revenue and customs before you pay their first Invoice. Verifying is the process of checking if your subcontractor has registered under the Construction Industry Scheme (CIS) and will let know you how much CIS tax you need to deduct from the subcontractor.
If you are a contractor within the construction industry, then you will have to submit your returns to the Tax Authorities before the 19th of each month. The return gives details of every payment you made to subcontractors during the last tax month. The penalties for missed or late submissions are high. We will help you keep on top of everything, so you don’t have to face this worry.
As part of our CIS service for Contractors we will:
Register contractors for the scheme.
Verify your new subcontractors.
Produce payment & deductions statements for your subcontractors on a monthly basis.
Complete your monthly CIS return and submit to the Tax Authorities.
Help with general advice or queries about the CIS scheme.
For the sub-contractors, it is important to note that if contractor tax has been deducted, you may be entitled to substantial tax refund aid.
As part of our CIS service for sub-contractors we will:
Submit your self-assessment tax return.
Provide you with a set of annual accounts.