CIS return (Construction Industry Scheme)
CIS returns are monthly returns that contractors must complete in order to show how much they have paid to sub-contractors. And how much tax they have deducted from them. Contractors then need to make sure that they file the CIS return and pay the CIS deducted on time.
Completing the monthly CIS return can be quite demanding for the busy business owners. So, we are more than happy to carry out this task for you.
Please note that Penalties of up to £3,000 are charged for not showing CIS records to HMRC.
Important
You must make sure that the following are correct every month:
- the details for your own business are right
- the details of your subcontractors are right
- add information about any new subcontractors and verify them
- details of all the payments you’ve made to each subcontractor during the last tax month
- details of any deductions you’ve made from each payment
- issue a payment certificate to each sub-contractor
As part of the CIS return service we will contact the HMRC and resolve any issues, whilst keeping you fully informed. As a result, you would not need to take time out to talk to the Inland Revenue. But you can carry on with your business as usual. So, we aim to free up your valuable time by offering a full CIS return service. The service includes completing and filing your CIS return on your behalf. It includes advising on appropriate record retention as well. We will represent you in the probable event of selection for investigation by HMRC
Travel and Subsistence
It is a fact that travel and subsistence rules are complex and can easily be misinterpreted
We will give straight forward advice to help you make accurate claims for your travel and subsistence expenses. Also we will help to complete your CIS return properly.
CIS Refund
If you are a self employed construction worker, working under the CIS, then you will most probably have over-paid tax. So, you will be due a CIS refund. By being in the CIS scheme you have had 20% tax deducted from your wages. But this does not take into the account your personal tax free allowance and your expenses. Therefore, you will need to submit a tax return where you have to include them. So, your correct tax bill is calculated and your over-paid tax is claimed back. Unlike many accountants, we don’t charge a percentage of your CIS refund. But we charge a fixed competitive fee to submit your tax return and claim your CIS refund. Thus, you know exactly what you are going to pay us in advance for your CIS return. You can either pay our fee in advance. Or have it deducted from your CIS refund, so no up-front payment would be required.