We offer a range of bookkeeping and accounting services for CIS Contractors that can be tailored to your specific needs.
If you are newly self employed on the CIS scheme we’ll clearly explain everything you need to know and help with everything you need to comply with. As a sub contractor we’ll make sure your affairs are structured in the most tax-efficient way possible and we’ll keep reviewing your finances to make sure it stays that way. We’re qualified and experienced and happy to help – you can relax and trust that everything is taken care of and your earnings are being maximised.
If you work in the building trade, you probably already know about the construction industry scheme, better known as CIS. The Construction Industry Scheme (CIS) sets out the rules for how payments to subcontractors for construction work must be handled by contractors in the construction industry.
When a contractor pays a subcontractor (you), the contractor withholds 20% of any subcontractor labour costs (Net). The contractor is required to pay this withheld balance over to HMRC on a monthly basis.
As the subcontractor you can reclaim the 20% withheld by the contractor. You can then reclaim the amount from HMRC at the end of the tax year. In practice, the reclaimed amount is knocked off any tax owed by you as the subcontractor to HMRC. The scheme is effectively a way for HMRC to use contractors to tax subcontractors up front.
Benefits of our services for contractors;
✔ Support with compliance and legislative challenges
✔ Complete tax returns on time
✔ Deal with tax refunds due
✔ Chase refunds to ensure these are paid efficiently
✔ Administrate support
✔ Help you avoid costly penalties by staying on top of your paperwork