Construction Industry Scheme (CIS)
If you’re a company, partnership or a self-employed individual working in the building or construction industry, you may have to pay tax under the Construction Industry Scheme (CIS).
What is the CIS scheme?
This tax deduction scheme refers to payments made from contractors to subcontractors. Contractors deduct money (20%) from a subcontractor’s pay. This deduction is then paid to HMRC on a monthly basis, on the subcontractor’s behalf. At the end of the financial year, we can then assist any subcontractors with claiming this tax back from HMRC.
How we can help you?
We understand the stress that the scheme can place upon contractors and subcontractors who just want to concentrate on running their businesses. By appointing us, you will have the peace of mind that everything will be taken care of on the financial side of things.
We will save you time and inconvenience, allowing you to do what you do best and run your business.
CIS for contractors
At Mowbray Accounting, we offer the following services for our CIS contractors:
Register your business as a contractor with HMRC
Verify new subcontractors and inform you of the correct tax deduction rate
Send you a reminder every month when it is time to file your CIS return
Check all CIS tax deductions including qualifying materials
Complete payment and deduction statements to provide to your subcontractors
Submit your monthly CIS return to HMRC
Register ourselves as your agent, which authorises us to deal with all your HMRC correspondence
Represent you in any HMRC investigation
Provide ongoing advice and support
File everything accurately and on time ensuring all penalties are avoided
CIS accountants for subcontractors
We also offer the following services for our CIS contractors:
Register your business as a subcontractor with HMRC
Offer advice on gross payment status and register for gross payment status with HMRC
Reconcile all CIS deductions with your sales invoices
Complete your tax returns on time
Calculate tax refunds ensuring the largest repayment possible
Chase up tax repayments with HMRC
Register ourselves as your agent, which authorises us to deal with all your HMRC correspondence
Represent you in any HMRC investigation
Provide ongoing advice and support
File everything accurately and on time ensuring all penalties are avoided