Construction Industry Scheme Services - CIS Registration / Refunds

1. VAT Registration

Helping you with VAT registration, ensuring compliance with HMRC requirements.

2. Flat Rate Scheme

Advising on and setting up the Flat Rate Scheme for VAT to simplify your accounting.

3. Pension setup:

Our accountants provide guidance on setting up pensions for your employees, ensuring compliance and aiding in future financial security.

4. FRS Registration

Our accountants assist with the Financial Reporting Standard (FRS) registration, helping you stay compliant with accounting standards.

5. Monthly Payroll

Our accountants manage your monthly payroll, ensuring your employees are paid accurately and on time, and that all deductions are handled properly.

6. HMRC CIS Registration

Registering for CIS is essential if you are a contractor who pays subcontractors, or if you are a subcontractor working for a contractor. We assist in getting you registered quickly and correctly, ensuring you’re compliant from the start.

7. Managing Monthly CIS Returns

Contractors need to submit monthly returns to HMRC, detailing all payments made to subcontractors and the deductions taken. This process requires accurate record-keeping and timely submissions to avoid penalties. Our team at BS Associates can handle these monthly returns for you, ensuring everything is submitted on time and accurately.

8. CIS Tax Refunds

At the end of the financial year, subcontractors can claim any overpaid tax by completing a cis scheme tax return. We assist in preparing and filing your cis scheme tax return, making sure you receive any refunds due to you promptly. Our expertise ensures that your cis scheme tax return is accurate and that you don’t miss out on any refunds.

9. Claiming Expenses

As a subcontractor, you can claim certain expenses against your CIS income, which can reduce your overall tax bill and potentially result in a refund. We help you identify and claim all allowable expenses, maximising your tax savings.

10. Applying for Gross Payment Status

If your turnover exceeds £30,000, or £3 million you might qualify for gross payment status. This means contractors will pay you in full without making CIS deductions, and you’ll handle your own tax payments to HMRC. Achieving this status can significantly improve your cash flow. We guide you through the application process, helping you understand the benefits and requirements.