Construction Industry Scheme (CIS)

 

What is CIS?

Any person involved in the construction industry will come across CIS in one form or another. Its a scheme used to collect tax on a monthly basis from contractors. The tax is deducted from sub-contractors who worked for them the previous month.

There are two areas of CIS:

  1. As a Sub-Contractor
  2. As a Contractor

Depending on whether you work for a contractor and have CIS deducted (1) or whether you are an employer and have sub-contractors working for you on a self employed basis (2) – there will be various tasks that are necessary.

Contractor Accounting Packages

There is a monthly return to complete which if late generates an automatic £100 penalty, We’ll do everything we can to avoid this happening. Send all the paperwork and information to us, we’ll sort, collate and deal with HMRC on your behalf.

Our Contractor Accounting Packages start at just £60 + VAT per month and include the following:

Checking the employment status of a new sub-contractor
Verification with HMRC (necessary before payment is made)
Completing and submitting the monthly CIS return
Generating the voucher for the sub-contractor
Maintaining regular bookkeeping (usually on Sage)
Providing quarterly management and annual accounts
Completing and submitting self-assessment tax return
Requesting any tax refund due at the earliest opportunity
Support via telephone and email

We can also help with setting up job sheets, quotations and invoicing.

If you are a limited company that operates both as a contractor and a sub-contractor, any CIS tax deducted from sales invoices can be deducted from your monthly sub-contract and PAYE liability.

Sub- Contractor Packages

As a ‘subbie’ receiving CIS vouchers from a contractor on a regular basis, with a few expenses, your accounts are generally quite straight forward.

Our annual fee for a complete service starts at £240 + VAT per year.

Pick up the phone today and call 01428 727313, if you really don’t want the hassle of filling forms and meeting the mandatory HMRC deadlines

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