CIS
OUR CIS SERVICE
The Construction Industry Scheme (CIS) sets out special tax rules for the construction industry in which contractors deduct money from subcontractor’s payments and pass it to HMRC. There is strict legislation across this tax regime and contractors are required to meet specific obligations of filing regular returns and payment timings.
We will:
– Ensure the timely preparation and filing of the CIS returns in accordance with the tax rules of the scheme
– Assist in the preparation of statements for the subcontractors.
– If you are a subcontractor rather than contractor, we can assist in the preparation of your year-end self-assessment tax return and calculating any refunds if applicable.
WHY OUTSOURCE YOUR CIS RETURNS?
At Henry Thomas many of our client base operate within the construction industry, and we therefore have an extensive amount of experience across this service. The filing of accurate and timely CIS returns is essential to maintain gross status and is also essential for the sub-contractors that work for you across your projects.
In our experience the administration of the preparation and filing of the return often takes a lot of time of the contractor, through outsourcing it frees up your time to focus on the projects.
We will:
– Ensure both the contractor and subcontractor are registered appropriately with HMRC and that they fulfil all necessary obligations.
– Handle all elements of the return, reducing your administrative burden.
– Adapt to your changing workstream, as your projects grow and expand.
– Perform this process in correlation to your accounting and bookkeeping operations.