Regardless of the nature of your construction work, it’s essential that your business is:
1) tax compliant and efficient and;
Having a tax compliant, efficient and cost-effective company means that your business is not just set up to run, but to run successfully.
We can ensure you tick these boxes and more.
We’ve been helping construction professionals with their tax and financial affairs, as well as making sure they’re compliant with the Construction Industry Scheme (CIS), for more than ten years.
The CIS is a compulsory withholding tax in which 20 or 30% is taken from a self-employed construction subcontractor’s payments and paid directly to HMRC on their behalf.
Under the CIS:
Contractors who pay subcontractors must be registered and tell HMRC every month about any payments made to subcontractors by submitting an online CIS return
o They must also keep records of the gross amount of each payment invoiced by subcontractors and any deductions made from subcontractor payments for at least three years after the end of the tax year they relate to
Eligible contractors can register for gross payment status if they don’t want deductions to be made in advance by contractors by showing HMRC that:
o They’ve paid their tax and National Insurance on time in the past
o Their business carries out construction work (or provides labour for it) in the UK
o Their business is run through a bank account
The points listed above are just some of the current stipulations relating to the CIS. For more details or to ensure your business is complying with the latest CIS legislation, contact us today on 01527 874881 or firstname.lastname@example.org.