Our CIS Services
At ajftaxation, we have a thorough understanding of the work that is required under CIS.
We are experienced in registering a CIS contractor or a subcontractor and we can help you cut through the requirements to make your registration promptly and effectively. Reporting to HMRC becomes truly effective and streamlined when the bookkeeping is structured to avoid any errors.
It is our ethos to find ways of managing your bookkeeping and accounting that fits with your requirements in such a way that enables you to free up your valuable time to run your business. With this, we will ensure that a system is in place to ensure that your CIS obligations are met to avoid any penalties for late or inaccurate CIS returns.
The Construction Industry Scheme (CIS) and how it works
The Construction Industry Scheme (CIS) sets out when and how contractors deduct tax payments from their payments to construction workers (subcontractors), and then pay the CIS tax to HMRC.
We are experienced with the CIS scheme and when it applies to the contractor and subcontractor relationship. It is immensely important to determine whether the CIS scheme rules apply to the work being carried out to ensure the reporting is correct.
We would be pleased to help you with this.
CIS for Contractors
As a contractor, you are required to meet specific obligations under the CIS scheme.
These obligations include:
For contractors it is vital that any CIS tax deducted is managed effectively, and is properly registered with HMRC, so it can be claimed back when the time comes. It is your responsibility to deduct the correct amount of tax and complete your returns every month.
We can remove the stress of filing for CIS – let us handle it for you. We will ensure that your bookkeeping system is structured in such a way that errors and late submissions are avoided.
It is our ethos to find ways of managing your bookkeeping and accounting that fits with your requirements in such a way that enables you to free up your valuable time to run your business. With this, we will ensure that a system is in place to ensure that your CIS obligations are met to avoid any penalties for late or inaccurate CIS returns.
CIS for Subcontractors
If you are self-employed as a subcontractor, you are required to meet specific obligations under the CIS scheme.
These obligations include:
We ensure that all of the CIS tax deducted from your labour income is monitored regularly.
We also keep an eye on your status as a subcontractor working with the contractor to ensure that this role is correctly reported in line with employment or self-employment rules.
When we prepare your business accounts and self-assessment tax return, we always ensure that you are gaining credit for all of the CIS tax deducted by your contractor and this is part of our analysis of your invoices and payments received.
