All contractors operating in the UK, even if they’re based overseas, are required to register for the CIS and take deductions from subcontractors’ pay. These count as advance payments toward subcontractors’ tax and National Insurance contributions.
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CIS accountants in London
If you’re a subcontractor: CIS registration is optional but does result in a lower rate of deductions.
The scheme applies to most types of construction work involving buildings and civil engineering. It doesn’t apply to associated fields like architecture, surveying, equipment hire, manufacturing or delivering materials, and non-construction work on construction sites (e.g. food service).
CIS accountants for contractors
Contractors are required to inform HMRC of the CIS tax deductions they make by filing a CIS tax return by the 19th of every month.
Accuracy on these returns is imperative, as mistakes can incur penalties of up to £3000. It’s also vital to file them on time; if you’re just one day late, you’ll be landed with a £100 fine.
As your specialist CIS accountants, we will:
- Remind you when it’s time to file a return and request information every month
- Add and verify new subcontractors
- Process payslips and deduction statements for subcontractors
- Submit your monthly CIS returns
- Represent you in all tax-related correspondence and investigations
- Provide ongoing advice and support on CIS issues
After meeting you to learn more about your business, we’ll set you up on our system for on going CIS handling and start saving you time.
CIS accountants for subcontractors
As a subcontractor: You need to complete self assessment tax returns to inform HMRC of your earnings, expenditure, and the amount of CIS tax deducted by your contractor. By the end of the tax year, you’ll usually be due a refund.
As your CIS accountants, Plus Minus will:
- Let you know when it’s time to send us records (by email, post, or in person if you’re local)
- Prepare your accounts to identify all eligible expenses, including those you might not know of
- Submit tax returns on time and in full compliance with regulations to avoid penalties
- Help trace or calculate income history in case of lost payslips and other documents
- Apply for tax refunds, ensuring the largest payouts possible
- Chase up HMRC for tax repayments
- Provide a dedicated point of contact on our specialist accountancy team
- Represent you in HMRC correspondence and investigations
Getting started is easy. Discuss your needs with our CIS accountants firstname.lastname@example.org
All we need from you in the beginning is signed authorisation to act on your behalf. Working with contractors and subcontractors in London, our doors are always open to talk with us in person.