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Accountants in Bristol for The Construction Industry Scheme
The “Construction Industry Scheme” regulates the payment from contractors to subcontractors in the Building Industry.
If you use sub-contractors for construction work for your property business you will have to register as a "Contractor" with HMRC.
It will be your responsibility to collect and pay over the correct amount of tax to HMRC. You will also have to complete monthly returns to declare which subcontractors have worked for you during the period and what payments you have made (including materials) etc.
This can be another daunting and complex area of taxation. Failure to complete returns, errors and ommissions will result in significant fines and penalties.
Our services specifically for businesses that trade under the Construction Industry Scheme are as follows:
At the end of the tax-year it is common for businesses and individuals that work under CIS to be due a rebate on the amount of tax they have paid over to HMRC. We offer a comprehensive CIS rebate service with average claims of around £2,000. These are normally paid within 7 days of completing the tax return.
Please contact us if you need further advice, have any questions about our services, would like a free consultation.