CIS Contractors
Comply With The CIS with Tax Driven Accountants
At Tax Driven Accountants, we can help you meet the tough rules in the construction industry scheme (CIS). We provide expert guidance for contractors and subcontractors in the construction industry that require support.
Our CIS tax return accountants encompass construction companies, building firms, government departments, and local authorities. Any business that spends more than £1 million each year on construction qualifies as a contractor under CIS rules. If your business meets this criteria, you should register for CIS.
Monthly Returns
Contractors have an obligation to make an online monthly return to HMRC.
With our support, submitting your monthly report will be easier than ever. This includes the employment status of subcontractors for your business, subcontractor payments, details of all payments made to them and any tax deductions taken.
Employed or Self-Employed
HMRC can impose a penalty of up to £3,000 if contractors negligently or deliberately provide incorrect information, so declaring any employees is essential.
We will help you avoid penalty charges by instructing you to accurately declare any employees or subcontractors you have worked with every month. With our help, you will better understand how to differentiate between employed and self-employed workers.
Verification of Subcontractors
Make the subcontractor verification procedure straightforward with the help of Tax Driven Accountants.
The verification procedure is critical to determining the appropriate methods and amounts of tax deductions for your organisation’s subcontractors. Accurately calculating the money you owe accurately is essential for avoiding penalties.
What's Involved
Payslips
With our support, you can accurately provide a monthly payslip to all the subcontractors you have worked with, including calculating tax deductions.
Penalty Avoidance
With our support, you will have the know-how to avoid penalties when paying your staff and filing your taxes to HMRC. We can explain the CIS scheme penalties that you may encounter.
Verifying With HMRC
We will assess the subcontractors that you have collaborated with and verify whether or not they should be included in your monthly HMRC return.
FAQS
How do you register as a self-employed subcontractor?
To register, a subcontractor needs to contact HMRC by phone or over the Internet, and they will conduct identity checks.
Will I be penalised for entering the CIS scheme late and not declaring my earnings in time?
Where a person has just entered the CIS scheme, penalties will be restricted to a maximum of £3,000 in certain circumstances.
Are tax deductions made from the whole payment?
Not necessarily. The following items should be excluded when entering the gross amount of payment on the monthly return:
- VAT charged by the subcontractor if the subcontractor is registered for VAT
- any Construction Industry Training Board levy.
At Tax Driven Accountants, Our Priority is to Offer Fair Pricing and Deliver Fantastic Results For All Our Clients.
Experienced
Our enthusiastic staff has years of experience and knowledge. We’re here to provide excellent service and expert guidance every step of the way to ensure that you receive the best possible advice.
Trustworthy
We know how time-consuming running a business can be, so rest easy knowing that a team of expert accountants will keep your accounts and tax affairs in check.
Qualified
All of our staff are fully qualified experts in their field, so you can trust that you are receiving sound, educated advice that you can act on.
