The Construction Industry Scheme (CIS)
The Construction Industry Scheme (CIS) sets out the special tax rules for subcontractors who work in the construction industry and how payments must be handled by contractors.
Contractors: As a contractor, you are required to meet specific obligations under the scheme, including registering with HM Revenue and Customs (HMRC), checking whether your subcontractors are registered with HMRC, paying subcontractors, deducting tax and submitting monthly statements confirming these payments.
Subcontractors: If you are a subcontractor, your main obligation is to register with HMRC. You must also keep HMRC informed of any changes to your business such as changes to your business address, business name, business partners and other relevant information.
Services we provide
Whether you are a contractor with subcontractors or a subcontractor, we will ensure:
- You are registered and verified with HMRC
- You pay the correct tax monthly
- Issue monthly tax deduction statements
- Manage and organise your business records
- File your monthly returns with HMRC
- Prepare end of year self assessment tax returns and calculate whether tax is to be paid or a repayment claimed
We will ensure you do not incur penalties by failing to submit your monthly returns to HMRC. Brian G Lonis & Co Accountants have worked with numerous contractors for over 30 years and are equipped to deal with your needs efficiently. We keep up to date with any changes to the CIS regulations so we can notify you quickly of any changes that may affect you.
Whether you are the contractor or the sub-contractor, Brian G Lonis & Co can help you keep your CIS affairs in order, whether you are based in London or online from further afield.
