Construction Industry Scheme – CIS
Smooth and efficient management of your CIS obligations.
The Construction Industry Scheme was set up by HMRC to compel building contractors to deduct tax from their subcontractor payments. The scheme was established primarily to ensure that subcontractors pay the correct tax and National Insurance. It also protects them from false employment.
Because the scheme is unique to the construction industry it creates additional compliance and filing obligations for both contractors and subcontractors. For example, each month the contractor must file details of payments made to subcontractors and the amount spent on materials. And, as a contractor, you are also obliged to register for CIS before you hire your first subcontractor. Failure to file CIS returns accurately and on time will likely result in penalty charges from HMRC, plus interest.
Michael King & Co have a wealth of experience with CIS and can help to ensure that you remain compliant. We’ll evaluate your business and explain how the ins and outs of CIS directly affect you. We’ll also ensure your monthly returns are filed accurately and on time. Make sure you speak to us before you hire your first subcontractor, and we’ll ensure you remain compliant from the start.
CIS Support Throughout the Tax Year
Our commitment to our clients operating in the construction industry extends beyond the monthly filing of CIS returns and payments. We offer ongoing support month on month to ensure that you remain compliant. Our team is always available to answer your questions, provide updates and address any tax-related concerns that may arise.
Construction Industry Scheme – Definitions & Responsibilities
HMRC offer clear definitions as to the nature of Construction, along with the responsibilities of contractors and subcontractors. Our team are well versed in all aspects of the Construction Industry Scheme and can advise you on all terminology. We’ll ascertain if CIS applies to you and guide you on the most efficient way to remain compliant with HMRC.
Owner-Managed Businesses
If you run your own construction business, you might be interested in some of our other services. Not only can we file your Construction Industry Scheme (CIS) returns, but we can also offer many other accountancy services. For example, we can prepare financial statements, VAT, payroll and corporation tax returns. And in addition, we can also file your self-assessment tax returns. Visit our Self-Assessment page to learn more.
CIS Accountants in Stanmore
Our offices are in Stanmore in Middlesex, but we offer CIS accountancy services for clients across London and the South-East. We take pride in offering extremely competitive and honest pricing for all of our clients. Our experienced team offer, not just CIS services, but a full range of accountancy services. Get in touch to find out how we can benefit your business. Call us today on 020 8954 5879 or send us a message.
Disclaimer
Although correct at the time of writing, content on this site is for informational purposes only and should not be considered as financial or legal advice. Always seek professional advice tailored to your specific circumstances.
