The Construction Industry Scheme (CIS) is the taxation scheme set out for individuals working within the construction industry. The scheme is aimed principally at contractors and subcontractors working within mainstream construction work. However, if your business works around construction work, but not direct construction work, it may qualify as either a contractor or subcontractor under the CIS if £1million+ within the business is spent on construction within 3 years.
Examples of areas of work covered under the CIS:
- Property Developers
- Manufacturers and Retailers who often spend over £1million on construction
- Local Authorities e.g. Royal Mail
Here with Bucknell Whitehouse we take away all the hassle that comes with CIS rules and regulations such as:
- Registering with the HMRC as a contractor or subcontractor
- We will confirm your subcontractors with HMRC.
- Ensure correct payment to subcontractors and supply them with deduction statements.
- Keep your records in an orderly state and arrange the HMRC with monthly returns.
- Determine your status as a subcontractor or employee and go on to register you with the HMRC accordingly.
- We set up your end of year self assessment tax refunds and calculate your tax liability or refund where relevant.
- Manage and coordinate your business records.
When deciding if you are an employee or subcontractor it has an impact on various options and rules which must be followed. Bucknell Whitehouse will ensure all these regulations and decisions are dealt with thoroughly and efficiently which means less stress for the subcontractor.
However complex the Construction Industry Scheme may seem to be, Bucknell Whitehouse will assist you every step of the way with your CIS Return
Northchurch Business Centre
84 Queen Street