Construction Industry Scheme (CIS)
Contractors and sub-contractors working in the construction industry are taxed under the Construction Industry Scheme (CIS).
The CIS scheme covers all work classified as construction work, including activities ranging from demolition and site preparation to decorating and repairs.
There are different rules for contractors and sub-contractors and both must be registered with HM Revenue & Customs (HMRC) before any work commences. Depending on the circumstances of the business, you can be registered as a gross or net sub-contractor which can impact on cash flow.
From April 2016 HMRC will only accept monthly CIS300 return forms electronically. This means, if you have not already, you will need to register for HMRC’s online services.
Whether you are a contractor or a sub-contractor, our team of experts will support you to continue running your business while taking away the burden of the CIS requirements by:
- determining your CIS status
- arranging your CIS registration with HMRC
- verifying and paying your subcontractors using our BACS facility
- providing payment & deduction statements for your subcontractors
- preparing and submitting your CIS300 monthly returns online
- ensuring you meet the imposed deadlines to avoid unnecessary penalties
If you are already registered as a contractor for CIS, contact us to arrange a free compliance health check.
For further information, please contact us.