Tax Advisors & Business Recovery Consultants | Phone: 020 8993 1867 - Free Tax Advice
Sagoo and Co. Chartered Accountants & tax advisors in London  

The Construction Industry Scheme (CIS)


The Construction Industry Scheme (CIS) sets out the special tax rules for subcontractors who work in the construction industry and how payments must be handled by contractors.

  Services we provide for contractors:  
 
bullet Register you with HMRC as a contractor
bullet Verify your subcontractors with HMRC
bullet Ensure you pay your subcontractors correctly within the scheme
bullet Supply deduction statements to the subcontractors
bullet 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. Sagoo & Co. Chartered 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.

Contractors: As a contractor, you are required to meet specific obligations under the scheme, including registering with HM Revenue and Customs (HMRC), checking whether your subcontractors are registered with HMRC, paying subcontractors, deducting tax and submitting monthly statements confirming these payments.

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:

bullet Determine your status as a subcontractor or employee, (or both) and register you with HMRC accordingly
bullet Verify you with HMRC on behalf of your contractor
bullet Manage and organise your business records
bullet 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 Sagoo & Co. Chartered Accountant can help you keep your CIS affairs in order.

Call us today 020 8993 1867 or drop us an email and we will call you back - info@sagoo.co.uk.

Find us


1st Floor,122 High Street, Acton, London, W3 6QX

Stations near: Acton Town, Acton Central & South Acton - busses: 207, 266 & 607 - MAP

Tel: 020 8993 1867


Opening Hours

Mon - Fri: 9.00-17.30
Saturday: 10.00-14.00
Sunday: Closed


Recommend Us

Share |

 

 
The Institute of Chartered Accountants in England and Wales Chartered Accountants in London | Company Accounts | Tax Returns | Bookkeeping Services | VAT Returns | Payroll / PAYE Services | Statutory Audits | Tax Planning & Savings | Start-ups / Company Formations | Sole Traders / Self-employed | Partnerships (LLPs) | Limited Companies (LTDs) | Contractors (IR35s) | Construction Industry (CIS) | Accountancy and Tax Resources | Client Testimonials and Feedback | Accountancy and Tax News | Contact Us - SITE MAP
Web projects in London
  Registered as CS Financial Solutions Ltd No. 5539135 by the Institute of Chartered Accountants in England and Wales
Louis Vuitton Outlet louis vuitton outlet louis vuitton outlet kate spade outlet sport blue 3s louis vuitton outlet kate spade outlet michael kors outlet Michael Kors Outlet Lebron 12 louis vuitton outlet Michael Kors Outlet louis vuitton outlet kate spade diper bag louis vuitton outlet louis vuitton outlet Louis Vuitton Outlet Louis Vuitton Outlet michael kors outlet Foamposites