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If you work in the construction industry, there’s a good chance you’ll need to register under HMRC’s Construction Industry Scheme (CIS). This ensures the correct tax and National Insurance payments are being made.
Our CIS service has been designed to streamline the whole process for contractors and subcontractors working in the construction industry. Just sign up, send us your information every month and we’ll take care of the rest.
CIS service covers:
Outsource your CIS to us. Our expert CIS accountants will ensure you are paid correctly, with the right tax deductions to comply with HMRC’s regulations.
Get started with the right accounting solution for your UK business
Get started with the right accounting solution for your business
Some of the benefits of using Accounting Wise to handle your tax affairs are:
Peace of mind
By using professionals you know that your CIS return will be correct and accurate.
CIS Returns Investigations
You are less likely to be investigated by HMRC if you use an adviser, as HMRC have ways of knowing if figures submitted on a CIS return are likely to be incorrect. This is a common trigger for a tax investigation.
Save time
In most cases it will take you a lot longer to complete your own CIS return than it would for an adviser. This time could be better spent running your business.
CIS applies to most workers in the construction industry. If you are a contractor you will need to deduct CIS tax from your subcontractors and submit CIS Returns to HMRC. If you are a subcontractor you will need to complete a tax return and claim your CIS refund.
CIS For Contractors
If you are a contractor within the construction industry then you will have to submit a CIS Return before the 19th of each month. A CIS return lets HMRC know how much CIS tax you have deducted from your sub-contractors and therefore how much you owe to them.
Unfortunately the penalties for late submissions are high. If it is one day late the penalty is £100 and if it is more than 2 months late a further £200 is payable with further penalties the longer it remains un-submitted. This is why it is very important that you put in place arrangements either yourself or for a professional to complete your CIS Returns on your behalf.
CIS For Subcontractors
If you are a sub-contractor in the construction industry you are required to complete a personal tax return each year. The tax return tells HMRC how much you have earned, how much expenditure you have incurred and how much CIS tax you have already paid.
As a sub-contractor it is likely you are entitled to a tax refund each year as you will have paid more in CIS tax than you owe to HMRC.
Get started with the right accounting solution for your UK business
Our online accountants have a range of qualifications from the Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW). We are also an Institute of Certified Practising Accountants (ICPA) accredited firm, and a HMRC registered Agent.
Get started with the right accounting solution for your business
1 Choose Your Package
Choose from our pre-built packages or customise your own to see exactly what services you need and how much you’ll pay each month. We make it easy to find the perfect fit for your business!
2 Sign up with Us
After selecting your preferred level of service, simply provide a few additional details to register with us through our easy sign-up form or by giving us a call. It’s that simple to get started!
3 You’re ready to go
That is it, we will begin to set your services up for you, contact you previous accountant if required, and begin the authorisation process with the HMRC
Everything you need in one place
All official documents provided
Online Hub to manage your company
London Registered office Address
Your own incorporated limited company
Get started with the right accounting solution for your business
