Brayan & Spencer Associates been asked very often to prepare accounts for a sole trader or Limited company working as a contractor or subcontractor under the CIS scheme. This is typical of construction worker, who are working for another construction company, working for Rail Track or London Underground.
Brayan & Spencer Associates provide a specialist accounting services for the Construction Industry’s contractors / sub-contractors meet their legal requirements and the get CIS refunds (if applicable) promptly.
Expenses could be claimed against CIS income and that could result in tax refund at the year end.
In the construction industry, contractor’s tax is deducted at the source, either 20 or 30% (CIS Deductions).
If the turnover is more than 30 K than they could elect for a gross payment.
Return must be submitted to HMRC on monthly basis and tax has to be paid accordingly.
Brayan & Spencer Associates helps you to fulfil the HMRC requirements and get CIS Refund promptly from HMRC.
Sole trader or company could collect or claim any overpayment of CIS by simply filling their tax return after the year end.
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