Partnerships
If you operate in the Construction Industry, then the chances are that you will need to register under the CIS scheme as either a contractor or subcontractor.
In basic terms, if you are in business and are going to partner with anyone in the construction industry before you pay them you must check their tax status and deduct the tax set by HMRC from any payments before you make them.
Similarly, if you are a subcontractor going into partnership with another business in the Construction Industry, then you must be registered with HMRC.
HMRC impose severe penalties including financial and criminal on any individual that does not comply with the rules. We will explain these rules to you and get you registered as either a contractor or sub-contractor.
CIS with QuickBooks Online
By setting up your QuickBooks Online accounting system to run your CIS many of the obvious CIS errors are eliminated.
QuickBooks Online will automatically prepare your monthly CIS to return for submission to HMRC. As well as producing payment and deduction statements for your subcontractors, we can carry out all monthly CIS duties on your behalf so that you can get on with running your business.
- Status checking
- Making deductions
- Submitting monthly returns to HMRC
- Producing and sending deduction statements to sub-contractors
If you want help with CIS then get in touch and we will explain the options available to you.
In the corporate world, sometimes things aren’t exactly black and white when it comes to accounting procedures.
George W. Bush
