Tax Compliance for CIS Contractors and CIS Sub-Contractors

Tax reporting in the construction industry presents unique challenges compared to other sectors. We ensure that you are navigating the right path, adhering to regulations, and maintaining full compliance.

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ContractorsSub-contractors

What is the Construction Industry
Scheme (CIS)?

Whether you're an individual or a business operating in the construction industry, you might be familiar with the Construction Industry Scheme (CIS). HMRC mandates that all businesses in this sector register as either a contractor, subcontractor, or in certain cases, both. We are here to offer our assistance.

HMRC categorizes the following activities under the CIS:

  • Site preparation, including laying foundations and providing access works
  • Demolition and dismantling
  • Construction work
  • Alterations, repairs, and decorating
  • Installation of systems for heating, lighting, power, water, and ventilation
  • Interior cleaning of buildings after construction work

The covered work may relate to both permanent and temporary structures, as well as civil projects, including road and bridge construction, among others.

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Contractors - What CIS means to you

If you function as a contractor and make payments to subcontractors for construction services, HMRC mandates that you register as a contractor. This involves fulfilling specific obligations, including verifying subcontractor HMRC registrations, deducting the necessary tax amounts for HMRC, and submitting monthly statements to validate all payments.

The intricate administration and the comprehensive understanding needed for compliance with this scheme can consume a considerable amount of your valuable time, time that could be better utilized elsewhere.

Leewop possesses the qualifications and experience in this domain, capable of offering specialized advice and support. Call us today to discover how we can assist you.

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Sub-contractors - What CIS means to you

As a subcontractor in the construction industry, registering for CIS is not mandatory. However, if you choose not to register, contractors will deduct a higher percentage from your payment to remit to HMRC.

If you are registered with HMRC, the standard rate will be deducted. After meeting all HMRC's CIS requirements for one year, you can apply for 'Gross Payment Status,' which means no deductions will be taken from payments received from contractors, ensuring your business receives full payment.

If you operate as a limited company with a payroll, your CIS deductions can be offset against PAYE and NI tax due from employees. Any refund owed to you at the end of the tax year will need to be requested.

The intricate administration and the comprehensive understanding required for compliance with this scheme can demand a significant amount of your valuable time, time that could be better utilized elsewhere.

Leewop is well-qualified and experienced in this field, capable of offering specialized advice and support. Call us today to discover what we can do for you.

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Key service benefits

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Full range of trading options; self-employed, LTD, partnership etc

Expert, jargon-free advisors

Nationwide coverage and dedicated account manager

Training and proactive support

Simple and quick setup process

Specialist experience, knowledge and advice

Why Opt for Leewop for Your CIS Returns?

The administrative complexities involved in registration and deduction arrangements can be both intricate and time-consuming. However, Leewop, through Page Kirk, can handle all the necessary tasks on your behalf. We ensure that you operate in the most tax-efficient manner, preventing any overpayment to HMRC.

At Leewop, our chartered accountants specialize in CIS returns, offering expert advice to alleviate the burden of your HMRC obligations. This allows you to concentrate on securing contracts and receiving payments in a manner that is not only convenient but also tax-efficient.

  • A single point of contact for all of your enquiries
  • National and international connections
  • A service that is tailor-made for you
  • Quick response time
  • Business heritage dating back over 120 years
  • UK -based accountants with national and international reach
  • Saving you valuable time with technology solutions
  • Hands-on partners who give you the best advice

UK can help you ensure your set up for success. Contact us today for further advice or to discuss the next steps by calling us on +92 302 4012116 or email contact@leewopconsultancy.com.

What’s next?

Arrange a consultation to find out how we can help you. Call us today on +92 302 4012116 or email contact@leewopconsultancy.com.

Talk to Our Team

Transitioning to Leewop is a seamless process if you already have an accountant.

Leewop stands out as a leading accountancy practice in the UK, serving clients nationwide. Regardless of your location, our services are accessible to you. We will connect you with a dedicated accountant focused on aiding the growth and efficiency improvement of your business. Get in touch with us to explore how we can assist you today.

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