All contractors operating in the UK are required to register for the CIS and deduct from subcontractors’ pay as this counts as advance payment towards subcontractor’s tax and National Insurance Contributions.
Subcontractors need to complete self assessment tax returns to inform HMRC of earnings, expenditure, and the amount of CIS tax deducted by your contractor. Usually by the end of the tax year, you will be due a tax refund.
Contractors are required to inform HMRC of the CIS tax deductions they make by filing a CIS tax return by the 19th of every month.
It is important to note that accuracy on these returns is crucial, as mistakes can result in penalties of up to £3000. It is also vital to file tax returns on time as even a one-day will hand you a £100 fine. As your representatives, we will ensure that you are not liable to any penalties as such.
Construction projects are high risk and they provide enormous financial requirements and unusual challenges such as risks and delays.
We can provide advice on VAT options to tax, stamp duty, land tax and environmental taxes. We will submit your Tax Returns with full compliance with the HMRC ‘Construction Industry Scheme’ (CIS), apply for tax refunds and help claim R&D tax credits, and chase up HMRC for tax repayments. Our experienced and professional accountants will represent you in HMRC correspondence and investigations to ensure not only that your projects comply with regulations, but also to ensure maximum tax efficiency where your valuable time is not wasted.
VAT can affect all areas of the property business and it is crucial to seek the right advice from an expert property accountant