Construction Industry Scheme (CIS)
Avoid penalties – submit your returns on time
The 1st monthly return to be affected by the new penalties just issued by HMRC is for the month ending 5th November 2011.
- Immediately the return is late – a fixed penalty of £100
- Two months after the filing date – a 2nd fixed penalty of £200
- Six months after the filing date – a tax-geared penalty which is the greater of £300 or 5% of the amount of deductions shown on the return
- Twelve months after the filing date – a 2nd tax-geared penalty which is the greater of £300 or 5% of the amount of deductions shown on the return.
There’s a limit of fixed penalties of £3,000 for new contractors, but the tax–geared penalty will be issued once returns are received. There could be interest and further penalties if the information has been deliberately withheld.
How we can help
We’ll do everything we can to avoid you getting penalties. Send all the paperwork and information to us, we’ll sort, collate and deal with HMRC on your behalf.
Our Sub-Contractor and Contractor Accounting packages include:
- 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 then sub-contractor
- Maintaining regular bookkeeping (usually on Sage)
- Providing quarterly management and annual accounts
- Completing and submitting self-assessment tax return
- Requesting 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 really don’t want the hassle of filling forms and meeting the mandatory HMRC deadlines, come and talk to us. 01428 727313
