Specialist Accountant For The Construction Industry
We have many clients in the construction industry and have built up real expertise in the sector which means we can provide you with specialist advice to ensure you only pay the minimum amount of tax.
All businesses in the construction sector have to understand The Construction Industry Scheme or CIS, which is notoriously complicated and time consuming.
Under CIS you can act either as:
- A contractor who deducts tax and passes it on to HMRC.
- A sub contractor who has tax deducted from invoices which is paid to HMRC as payment in advance.
As a contractor you must verify sub contractors with HMRC before they start working with you to ascertain how much tax to deduct. These deductions need to be reported to HMRC and a CIS Deduction certificate should be issued.
To avoid all this hassle, some contractors take on subbies unofficially which is against HMRC rulings and can lead to severe penalties.
We can take all this hassle off your shoulders by setting up the CIS system and creating a streamlined process for you to provide us with the necessary information.
This means you can relax and focus on your business, confident in the knowledge that you will be fully compliant and legal.
Sub contractors must register under CIS with HMRC before taking on sub contracted work.
Additionally you must ensure that the contractor issues you with monthly and annual CIS Deduction Certificates.
This normally results in an overpayment of tax, which we will identify and reclaim for you when we do your year end self assessment tax return.
If the return is done in mid April, you will have the refund by the end of May.