Contractors are responsible for submitting monthly HMRC returns otherwise face penalties for late or incorrectly submitted returns. We register you and ensure you comply with HMRC rules.
Under the CIS, contractors deduct money from a subcontractor’s pay and pass it to HMRC as advance payments towards the subcontractor’s tax and National Insurance. Contractors must register for the scheme, subcontractors don’t have to register – but face deductions at a higher rate if not registered.
CIS covers most construction work to a permanent or temporary building / structure and also to civil engineering work like roads and bridges.
For the purpose of CIS, construction work includes:
- preparing the site, eg foundations & access works
- building work, demolition, dismantling, alterations, repairs & decorating
- installing systems for heating, lighting, power, water & ventilation
- cleaning the inside of buildings after construction work
How Assent Accountants Can Help
Stressed about your CIS tax return? Let our construction tax experts take away the STRESS of filing your CIS return and ensure compliance.
We have many years’ of experience of working with contractors and subcontractors in the construction industry and we aim to make whole process as simple and as smooth as possible.
For subcontractors, we can prepare your accounts, calculate your tax computation and process your tax refund if necessary.
For contractors, we can prepare the monthly returns to HMRC, calculate the correct deductions from subcontractors, check registration details and provide the correct paperwork to each subcontractor.
We will prepare your accounts and process your tax calculation in a timely manner to ensure you have fully transparency throughout the year.