How our CIS tax accountants help Contractors and Sub Contractors
Our CIS accountants play a vital role in helping contractors and subcontractors navigate the complexities of the scheme. Their services include:
1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. VAT Registration
Helping you with VAT registration, ensuring compliance with HMRC requirements.
7. Flat Rate Scheme
Advising on and setting up the Flat Rate Scheme for VAT to simplify your accounting.
8. Pension setup:
Our accountants provide guidance on setting up pensions for your employees, ensuring compliance and aiding in future financial security.
9. FRS Registration
Our accountants assist with the Financial Reporting Standard (FRS) registration, helping you stay compliant with accounting standards.
10. Monthly Payroll
Our accountants manage your monthly payroll, ensuring your employees are paid accurately and on time, and that all deductions are handled properly.
We assist with the kinds of work covered by CIS
- Site Preparation: Clearing land, excavating, and preparing sites for construction.
- Alterations: Making changes or improvements to existing structures.
- Dismantling: Removing structures or parts of structures.
- Construction: Building new structures from the ground up.
- Repairs: Fixing or restoring existing buildings or infrastructure.
- Decorating: Adding finishing touches like painting or wallpapering.
- Demolition: Completely taking down structures or buildings.
Contact us today
Want to make sure you're getting all the money you deserve as a contractor or subcontractor in construction? Let's team up! Brayan & Spencer Associates are here to help you sort out your CIS registration and refunds hassle-free. Don't let those CIS deductions slip through your fingers - reach out to us today and let's get your finances in order!
Call 0207 183 5956 today and let's get started!
