If you are a subcontractor or have subcontractors that work for you in the Construction Industry Scheme (CIS) there are special tax rules to follow. We can provide a full service to help your business comply with these tax rules, whether you are trading as a sole trader, partnership, or limited company we can help you prepare and file your returns accurately.
Subcontractors
If you are a subcontractor or planning to start trading, we can offer advice and provide the following services: –
- Register your business as a subcontractor with HMRC.
- Check your employment status to confirm whether you are a subcontractor or an employee.
- Advise on gross payment status and register for this with HMRC.
- Prepare your accounts, including all allowable expenses.
- Prepare and file tax returns on time.
- Claim back any CIS refunds, via your payroll filing, or tax returns.
- Advise and help with record keeping and CIS statements.
- File returns on time and accurately to avoid any penalties or fines.
- Prepare and file VAT returns accurately using the Domestic Reverse Charge for VAT where required.
Contractors
If you are a contractor or planning to pay sub-contractors, we can offer full advice and provide the following services: –
- Register your business as a contractor with HMRC.
- Verify new subcontractors and their CIS deduction rate with HMRC.
- Provide deduction statements for your subcontractors.
- Submit monthly CIS returns to HMRC accurately and on time to avoid any penalties.
- Reconcile your CIS each month, providing the amount due to be paid to HMRC or the balance of CIS Suffered on your sales invoices.
- File your payroll calculating the correct amount of CIS and PAYE that is due.
- Prepare and file VAT returns accurately using the Domestic Reverse Charge for VAT where required.
Whether you are a contractor or a subcontractor working under CIS we can help you to stay compliant, avoid any penalties, claim back any CIS refunds due, and plan for your future cash flow.
