CIS & Tax Refunds
What is CIS tax and does it apply to?
CIS applies to most workers in the construction industry. If you are a contractor you will need to deduct CIS tax from your subcontractors and submit CIS Returns to HMRC. If you are a subcontractor you will need to complete a tax return and claim your CIS refund (if applicable).
We offer our accounting service to both contractors and sub-contractors
If you are a contractor within the construction industry then you will have to submit a CIS Return before the 19th of each month. A CIS return lets HMRC know how much CIS tax you have deducted from your sub-contractors and therefore how much you owe to them.
Unfortunately the penalties for late submissions are high. If it is one day late the penalty is £100 and if it is more than 2 months late a further £200 is payable with further penalties the longer it remains un-submitted. This is why it is very important that you put in place arrangements either yourself or for a professional to complete your CIS Returns on your behalf.
If you ask us to complete your monthly CIS Returns we will carry out the following for you:
- Adding and verifying your new sub-contractors
- Processing of the payment and deduction statements
- Submission of the monthly CIS Returns
- Automated email reminders to inform you when your CIS Returns are due
- Representation in the event of a CIS enquiry from HMRC
- Correspondence with HMRC on your behalf
- Unlimited help and advice regarding your CIS Returns
What is the process?
If you appoint us to take care of your CIS requirements we will ask you to complete a short form to let us know the key information about your business and your sub-contractors. Once we receive this form we will then set your business up on our software ready to process your CIS Returns each month.
Once you have received our automated reminder each month you then email us with how much you have paid to each sub-contractor and we will reply with your CIS statements and a summary of how much to pay to HMRC. If you are happy with everything we then submit your CIS Return for the month. It’s as simple as that!
How We Help?
We can take care of all your CIS and tax return duties. We will ensure that all the paperwork is filed on time and that you never have to deal with any of the number crunching. With our help you can take some work off your plate and concentrate on your business.
The most common reasons that a tax return may be required are as follows:
- You are self employed or a partner in a partnership
- You are a company director
- You have large amounts of savings or investment income
- You have untaxed savings or investment income
- You own land or property that is being let
- You have income from overseas
- You have sold or given an asset away (such as a holiday home or some shares)
- You’ve lived or worked abroad or aren’t domiciled in the UK
The staff at HM Revenue & Customs are not tasked to advise you on how to organise your affairs and minimise your tax.Therefore, if you want to make sure you are paying the right amount of tax, you should consult a professional.
At TaxAssist Accountants we use HM Revenue & Customs-approved software to:
- Complete your tax return
- Calculate your tax liability
- File the return online
- Liaise with you on the amounts to be paid and when they are due
As part of the above service, we can analyse your self assessment tax return to see if any tax savings can be made and we can also review the form to see if there are any anomalies that need to be addressed before the return is submitted. This process helps to minimise your risk of a HM Revenue & Customs enquiry into your tax affairs. If you are experiencing cashflow problems, we can explore the possibilities of deferring your tax payments or negotiating a payment plan with HM Revenue & Customs on your behalf.
By giving you a fixed, competitive price, we can take the worry away when it comes to self assessment tax returns; allowing you to concentrate on running your business.