There are extra responsibilities for those who are members of the Construction Industry Scheme, otherwise known as CIS. These will come into play when you complete your self-assessment tax return, and it’s a complex process; it might take you a long time to complete, and there are penalties in place for those who complete returns incorrectly.
If you have taken on subcontractors, or you are a subcontractor yourself, you could benefit from some support with your CIS returns. We can help you register, collate information and submit returns for you on a monthly basis, so you know exactly how much you owe HMRC and keep up to date with your payments.
The CIS involves a specific form of taxation that is only applicable within the construction industry. Contractors have to make CIS tax deductions from subcontractors and pay these to HMRC.
Subcontractors must submit CIS tax returns each tax year, after the majority of tax has been paid, with the standard deduction being 20%. You might end up paying too much tax this way, so after you submit your return you might be due a rebate.
CIS REBATE ELIGIBILITY
We can help you to understand whether you are eligible for a tax rebate under the CIS. This is the process we follow to help you:
- We offer you a free consultation – there’s no obligation, so you don’t have to go ahead if you don’t want to.
- We guide you through the whole CIS process, working out whether you qualify for a rebate, and the full amount if you do. We let you know exactly what our investigations find.
- We can submit your CIS return and complete claims documentation.
- Your CIS rebate is paid to you and is yours to keep.
Working as a subcontractor or self-employed tradesperson is not without its financial headaches. We can take the stress away from you, with tailored CIS returns services that offer you all the advice and support you need. Ask us any questions you like – our expert team will be able to answer them.