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.
CIS in basic terms, if a business is going to pay anyone in the construction industry, their tax status must be checked with HMRC and tax deducted at the rate set by HMRC before making any payments.
The same rules apply if a subcontractor wants to get paid by another business in the Construction Industry. They 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 will explain the 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 errors are eliminated.
QuickBooks Online will automatically prepare your monthly CIS return for submission to HMRC. It will also produce payment and deduction statements for your subcontractors, many clients also choose us to carry out all monthly CIS duties on their behalf so that they can get on with running their business.
- Status checking
- Making deductions
- Submitting monthly returns to HMRC
- Producing and sending deduction statements to sub-contractors
If you need help with CIS then please get in touch and we will explain the options available to you.