CIS (construction industry scheme) accounting can cause complications for subcontractors and construction companies alike.
Brought in to tackle tax avoidance on cash-in-hand payments, CIS accounting requires contractors to deduct tax before paying subcontractors and ensuring HMRC gets its tax contributions. Not only that but as a contractor, you’ll also need to submit CIS returns as well.
Deductions, calculations and reporting can double your admin work, but not if we do it for you. We’ll take care of everything so you can stay compliant and keep up with your liabilities.
If you have subcontractors who aren’t registered, they’ll have to pay more tax than those who are registered – 30% rather than 20%. If you have a mix of people on and off the register, this can complicate your deductions.
Using our CIS accounting and bookkeeping services in tandem will give you a clear picture of your finances and payments to HMRC.
By staying ahead and keeping everything current, you may receive a tax rebate as a CIS refund. It pays to have the help of a professional.
Whatever your experience with CIS, we’re happy to be of assistance.
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