Construction industry returns
Construction industry returns
Regardless of whether you are a contractor or a subcontractor in the construction industry, our services are tailored to assist you in effectively managing the complexities involved in the construction industry and meeting your obligations to HMRC.
We stay up to date with any changes to the CIS regulations, allowing us to promptly notify our clients of any alterations that may impact them.
Contractors
As a contractor in the construction industry, you have specific obligations to fulfil under the scheme.
These include registering with HMRC, verifying subcontractors, making accurate payments, deducting tax, and submitting monthly statements to confirm these payments.
Our services for contractors include the following:
- Verifying your subcontractors with HMRC
- Ensuring payments to your subcontractors are compliant within the scheme
- Providing deduction statements to your subcontractors on a monthly or annual basis
- Completing and submitting monthly returns to HMRC on your behalf
Sub-contractors
If you operate as a sub-contractor, your main obligation is to register with HMRC to enable contractors to verify you and deduct the appropriate rate of tax (either 20% or 30% for unverified subcontractors) from the labour portion of your invoices.
Additionally, you must keep HMRC informed about any changes to your business, such as business address, name, and other relevant details.
When working with contractors, they will provide you with a CIS Statement, which you should retain in case HMRC requests your documentation.
Once your self-assessment tax return is prepared, the tax amount you have already paid throughout the year will be deducted from your tax liability, potentially resulting in a refund.
Our services for sub-contractors include the following:
- Completing and submitting self-assessment tax return, ensuring accurate tax calculations based on your CIS statements
- Communicate with HMRC on your behalf
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Let us know how we can help.
