The Construction Industry Scheme (CIS) governs payments from contractors to subcontractors within the construction sector. If your property business engages subcontractors for construction work, you are required to register as a "Contractor" with HMRC.
As a registered contractor, it becomes your responsibility to deduct the correct amount of tax from subcontractor payments and remit it to HMRC. Additionally, you must submit monthly returns detailing the subcontractors you have worked with, the payments made (including for materials), and other relevant information.
Navigating CIS requirements can be complex and time-consuming. Errors, omissions, or missed returns can lead to significant fines and penalties.
CIS services for Contractors
We offer specialised services tailored to businesses operating under the Construction Industry Scheme, including:
- CIS registration assistance
- Verifying subcontractors with HMRC
- Preparation of monthly CIS returns and subcontractor remittance slips
- Annual CIS reporting
- Support with CIS disputes and penalties
- Providing HMRC and subcontractors with statements showing deductions
- Informing latest updates on CIS regulations
CIS services for Subcontractors
We also offer specialised services tailored to Subcontractors, including:
- Managing business records
- Preparing self-assessment tax returns
- Correctly registering and verifying your status with HMRC on behalf of your contractor
- CIS rebate services*
*At the end of the tax year, many businesses and individuals working under CIS are often entitled to a tax rebate. Our comprehensive CIS rebate service helps you recover overpaid tax, with typical claims averaging around £2,000. Most rebates are processed and paid within seven days of filing your tax return.
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Please contact us if you need further advice, have any questions about our services or would like a free initial consultation.