If you employ subcontractors, you’re almost certainly covered by the Construction Industry Scheme. This means you need to make monthly returns to HMRC showing all your payments to subcontractors and, crucially, any tax deductions you’ve made. The system itself isn’t complicated but you have to get it right: the Revenue has wide-ranging powers to penalise you for mistakes, and the fines can soon mount up.
We’re here to help with all aspects of your CIS accountancy, ensuing you remain compliant by advising on
- preparing and submitting your monthly returns on time
- making correct declarations about your subs’ employment status
- administering the verification process
- ensuring all payments made to subcontractors are recorded and declared
- tracking and reporting any tax deductions made from payments to subs