The CIS tax system affects most of the businesses and self-employed workers in the construction industry.
It is a complex piece of tax law, which generally requires contractors to withhold tax from their subcontractors at the point of payment.
Contractors are required to report these deductions every payroll month through the online CIS reporting system and pay the correct amounts to HMRC.
They are also legally bound to provide a certificate to subcontractors showing the amounts earned and tax deducted.
Subcontractors are required to have a registered business or to be self-employed, and to submit a tax return each year.
They report their total income, are allowed certain business tax allowances, and can offset the CIS tax deducted against their tax liability.
We specialize in CIS tax matters.
We help contractors by ensuring them about their CIS deduction.
We ensure contracts that their reporting system is up to scratch, generally incorporating this process with the bookkeeping system.
We work with subcontractors to ensure they maximize their legal tax deductions and maximize any tax refund.
Because CIS tax deductions from company income affects cash flow.
We help our clients minimize the impact through planning and applying for lower CIS tax rates.
Great book keeping systems are an essential to making CIS a simpler and less stressful process, so get in touch with our staff to find out how we can help you.
If you are providing your personal services through a limited liability company then this will affect you.
Tax law is evolving and it is more necessary now than ever before to understand your position regarding IR35.
We specialize in working with professional contractors and understand the complex rules in this area.
Our service includes a contract compliance review by a respected law firm specializing in IR35. This will enable you to structure your contract correctly and to start working knowing the likely tax impact.
We support our contractor clients with full bookkeeping, accounting, company and personal tax services, VAT and payroll.
Get in touch with us today for IR35 and CIS tax and accounting services for your business.
We also help you with business development services for your company.