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Under the Construction Industry Scheme (CIS), contractors deduct money from sub- contractors` payment and pass it to HMRC. In other words, CIS registered contractors are to make a pre-payment on behalf of sub-contractors to be reclaimed at the end of a tax year. Contractors have to register for CIS with HMRC, whereas it is equally crucial for sub-contractors to register the same as to claim the deduction back. The benefit of registered CIS with HMRC is to become eligible for a lower CIS deduction of 20% instead of 30% applicable for non-registered sub-contractors. Our experts are here to help you out with your online CIS registration. (contact us)
If you fall under any of the following categories then you need to register as CIS:
Anyone who falls under the aforementioned categories need to register under CIS irrespective of the fact whether you're a sole trader, company or LLP.
The construction industry scheme (CIS) return needs to be filed on a monthly basis. CIS monthly return is contractors` responsibility that notifies HMRC with monthly returns. As per deduction from sub-contractors, you need to file CIS in a timely manner, which often causes conflicts between HMRC and contractors. We at Online Account Filing take care of regular filings and take the admin burden off your shoulder by assigning you a contractor accountant to assist you.
Most of the CIS affected businesses are not aware that they have to enroll for HMRC PAYE scheme to claim back the CIS deductions. HMRC`s expectations are strictly high from limited companies in terms of liability for compliance work, such as running your CIS Payroll in a timely manner. Otherwise, you might face high penalties as follows;
With our experts` help, CIS payroll will be one less thing to worry about so that you
Whether you are a sole trader or limited company, our team of experts (contractor accountants) is here to give you the best CIS advice, tailored to your business type. As there are several ways of claiming your CIS deduction back, we at online account filing offer you a customised CIS planning service. Any questions regarding your CIS return? Why not drop us a call back request and meet with our friendly team to find out how to claim cis tax back. (contact us)
Contractors who are paying out the sub-contractors must check if the payee is a registered subcontractor or not, as part of HMRC`s making filing digital, you can only verify the subcontractors online. We offer the online verification of subcontractor services where we take in the details from your end complete the verification process on your behalf.