CIS (Construction Industry Scheme) applies to the majority of workers in the UK construction industry.
At Jacky Gregory Accountants, we offer accounting support to both contractors and sub-contractors.
If you work as a contractor, CIS tax will need to be deducted from any subcontractors you’ve used, and CIS monthly returns will need to be sent to HMRC. Your CIS Return informs HMRC the amount of CIS Tax that you’ve deducted from your sub-contractors, and therefore indicates the amount that you owe to them.
As with many types of tax return, late or incorrect submissions can be costly – both in time spent fixing any problems, and in financial penalties.
Like any kind of accounting and financial planning, it helps to have your records and processes in place early, and ideally have them carried out by a trusted professional. This is the only sure way to avoid problems and fines from arising.
If you engage our help in helping to process your CIS Returns, we can provide the following services:
- Creation and processing of monthly deduction statements.
- Ensuring your monthly CIS Returns are submitted on time.
- Acting as your agent in the event of an HMRC enquiry
- Processing the addition, removal and verification of sub-contractors
- Liaising with HMRC in any situation which requires it.