The Construction Industry Scheme (CIS) is a set of special rules for tax and national insurance for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’. Under the scheme, building contractors are required to register with HMRC. These contractors must follow the scheme rules to ensure they deduct CIS tax from a subcontractor’s payments and pass it to HMRC.
This can be a complex scheme and we are experienced with dealing with the necessary paperwork for anyone using the scheme. There are many deadlines that must be met and we can deal with ensuring your compliance with the scheme as well as dealing with HMRC on your behalf. This can include managing all aspects of the CIS contractor monthly returns. There are penalties for late or inaccurate submission of the returns. The requirement to file monthly returns online has been compulsory since April 2016.
As well as helping with the CIS, we also have detailed knowledge of the construction industry and can help with any of your other tax requirements.
Please contact us on 0330 053 7042 to arrange a free no obligation meeting.