Accounting for CIS contractors
Compliance to the Construction Industry Scheme is necessary, if you are a subcontractor in the building industry or if you a contractor and hire subcontractors in the building industry. The purpose of the Construction Industry Scheme is to ensure that tax evasion is minimised in the construction industry. In order to achieve this, the CIS scheme sets out a few specific tax rules for subcontractors who work in the construction industry.
The rules also set out how payments are handled by contractors. Unfortunately, the downside of CIS is the compliance burden for companies and contractors. We offer service for CIS contractors and sub-contractors.
Services for contractors
- Get you registered with HMRC as a contractor
- Confirm your subcontractor details with HMRC
- Making sure that you are paying sub-contractors within the scheme
- Prepare and send deduction statements to your subcontractors
- Manage your records and prepare monthly returns
Services for subcontractors
- Determine your status as sub-contractor or employee (or both)
- Confirm your details with HMRC on behalf of your contractor
- Register your details with HMRC
- Manage your accounting records
- Calculate your tax liability or refund
- Prepare your self-assessment tax records
We are always upto date with the CIS regulatory changes and we will keep your informed about it and we will ensure your compliance.