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 of subcontractor.Contact
In basic terms, if you are in business and you are going to pay anyone in the construction industry, then before you pay them you must check their tax status with HMRC and deduct tax at a rate set by HMRC from any payments before you make them.
Similarly, if you are a subcontractor and you want to get paid by another business in the Construction Industry, then you must be registered with HMRC.
HMRC impose severe penalties including financial penalties and even criminal prosecutions on any individual that does not comply with the rules.
We can explain the rules to you and get you registered as either a contractor of 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.
Whilst QuickBooks Online will automatically prepare your monthly CIS return for submission to HMRC, as well as producing payment and deduction statements for your subcontractors, many clients choose us to 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 please get in touch and we will explain the options available to you.