The Construction Industry Scheme (CIS) sets out the rules for how payments to subcontractors for construction work must be handled by contractors in the construction industry. The scheme applies mainly to contractors and subcontractors in mainstream construction work; however, businesses or organisations whose core activity isn’t construction but have a high annual spend on construction may also count as contractors and fall under the scheme.
We are registered HMRC agents for the Construction Industry Scheme and are able to offer a comprehensive range of tax compliance services to all types of business involved in the property and construction sectors, including:
*Register you with HMRC as a contractor
*Verify your subcontractors with HMRC
*Ensure you pay your subcontractors correctly within the scheme
*Supply deduction statements to the subcontractors
*Keep your records in good order and supply HMRC with monthly returns
*Determine your status as a subcontractor or employee, (or both) and register you with HMRC accordingly
*Verify you with HMRC on behalf of your contractor
*Manage and organise your business records
*Prepare your end of year self assessment tax return and calculate your tax liability / refund where applicable
A meeting with one of our experienced staff members for an initial consultation should be your starting point. At Polaris Accountants we are enthusiastic about providing you with all of the advice and support services that you will need for CIS (Construction Industry Scheme).