Construction Industry Scheme (CIS)

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CIS Accounting Services You Can Trust

Ensure payments for contractors are handled correctly

Companies involved in the construction industry may need to register for the CIS ‘Construction Industry Scheme’. The way you register will differ according to whether you are a contractor, sub-contractor or even both! We will help you determine how you should register and then guide and assist you with the registration process.

Contractors

As a contractor, when you start working with a subcontractor for the first time, you will need to verify them with HM Revenue and customs before you pay their first Invoice. Verifying is the process of checking if your subcontractor has registered under the Construction Industry Scheme (CIS) and will let know you how much CIS tax you need to deduct from the subcontractor.

If you are a contractor within the construction industry, then you will have to submit a CIS Return to HMRC before the 19th of each month. The return gives details of every payment you made to subcontractors under CIS during the last tax month. The penalties for missed or late submissions are high. If it is one day late the penalty is £100 and if it is more than two months late a further £200 is payable with further penalties the longer it remains un-submitted. We will help you keep on top of everything, so you don’t have to face this worry.

As part of our CIS service for Contractors we will:

Register contractors for the CIS scheme with HMRC.
Verify your new subcontractors with HMRC.
Produce payment & deductions statements for your subcontractors on a monthly basis.
Complete your monthly CIS return and submit to HMRC.
Help with general advice or queries about the CIS scheme.

Sub-Contractors

As a sub-contractor in the construction industry, you are required to complete a self-assessment tax return each year. The tax return tells HMRC how much you have earned, how much expenditure you have incurred and how much CIS tax you have already paid.

As part of our CIS service for sub-contractors we will:

Submit your self-assessment tax return.
Provide you with a set of annual accounts.