The Construction Industry Scheme (CIS)

Services we provide for contractors:

• Register you with HMRC as a contractor
• Verify your subcontractors with HMRC
• Ensure you pay your subcontractors correctly within the scheme
• Supply deduction statements to the subcontractors  
• Keep your records in good order and supply HMRC with monthly returns

Make sure you do not incur penalties by failing to submit your monthly returns to HMRC.  TaxAssist Accountants work with numerous contractors and are equipped to deal with your needs efficiently.  By making sure we are always up to date with any changes to the CIS regulations we can notify our clients quickly of any changes that may affect them.

Subcontractors: If you are a subcontractor, your main obligation is to register with HMRC. You must also keep HMRC informed of any changes to your business such as changes to your business address, business name, business partners and other relevant information.

Services we provide for subcontractors:

• Determine your status as a subcontractor or employee, (or both) and register you with HMRC accordingly
• Verify you with HMRC on behalf of your contractor
• Manage and organise your business records
• Prepare your end of year self assessment tax return and calculate your tax liability/ refund where applicable

Any contractor that you work for must determine whether or not you are to be treated as employed or self-employed for each and every contract. If you are an employee for the purpose of the contract, the contractor will need to operate a PAYE scheme whereby tax and National Insurance Contributions will be deducted from the payments made to you.

If you are self-employed, HMRC will register you as a subcontractor under the CIS scheme and they will set you up to receive payments 'under deduction'. This means contractors must make a deduction of tax at 20 per cent (30 per cent for unverified subcontractors) from the labour element of your invoices and pay it over to HMRC.

Whether you are the contractor or the sub-contractor, your local TaxAssist Accountant can help you keep your CIS affairs in order. We have over 185 shops and offices across the UK, making us easily accessible to you.

• Limited Company Considerations
• Small Business Rate Relief
• National Insurance Contributions
• New PAYE Penalties
• Emergency Budget 2010
• New HMRC Inspection Powers
• The Budget 2010
• Company Voluntary Arrangements
• Don't Miss The January Tax Deadline
• The New Tax Health Plan
• January 31st Tax Return Deadline
• Pre-Budget Report 2009
• VAT Cut: Success or Failure?
• Starting a Business in a Recession
• October 31st Tax Return Deadline
• Tax Scheme might cause harm
• Tax tips to help firms during downturn
• Tax On Pensions
• Buy Local Campaign
• The Budget 2009
• HMRC Compliance Checks
• Updates to Companies Act 2006
• Direct Debits Improve Cashfow
• Pre Budget Report 2008
• Bank Charges for Business
• Debt Recovery Priority

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Testimonials

Over the past 10 years we believed that if we wanted outstanding service we should use traditional large accountancy firms. Oh how wrong we had been! We had been charged high fees without any real value being added to the business.
DAVE THOMAS
Bluegrass Consultancy Ltd

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