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The construction industry scheme (CIS) is HMRC’s solution to the problem of cash-in-hand payments in the building industry. It requires contractors to deduct a percentage from payments to subcontractors and pay that sum directly to HMRC. They also have to complete regular CIS returns.
Through our CIS service, we can take care of all those duties on behalf of contractors, making sure they stay compliant without getting bogged down in admin. From CIS calculations to statements to filing with HMRC, we look after it all.
Subcontractors have duties around CIS, too. First, they have to register for CIS, to ensure the right amount of tax is withheld – 20% rather than the 30% for unregistered subcontractors. Then they have to keep decent records through bookkeeping, so they have a clear picture of how much tax has been withheld throughout the year. Finally, they need to complete a tax return. This is when any CIS you’ve overpaid can be reclaimed, often resulting in a tax rebate or refund. Our team can help with all of that, from setting you up on Xero or QuickBooks to managing your tax return.
As a subcontractor, you might also be eligible to register for gross status, which would mean no taxes being withheld. Appealing as that might sound in terms of cashflow, it also means you need to be canny about planning for your tax bill at the end of the year.
Talk to us to run the numbers and work out which approach is best for you, or if you have any other questions or concerns about your CIS situation.
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Why choose Moffatts?
Clients find us and stay with us because they’re looking for a bit more from their accountant. It’s partly about personality – we get on with people and build genuine relationships. But we also deliver results.
We believe in making life easier for all business owners.
We strive to improve your processes, systems and cashflow.
We offer the full range of accounting, tax and audit services.
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We’ll talk, agree fees and services, and then you confirm you want to switch in writing. (Email is fine.)
Set us going
We’ll handle the paperwork and handover with your current accountant, quickly and efficiently.
From day one, you’ll feel the difference. From accounting systems to contacts, we’ll get you set up and sorted.