CIS

CIS

Individuals working in the construction industry you may have to submit ‘CIS’ Returns.

This scheme was brought in to help sub-contractors manage their tax payments. When they are paid for work, the contractor withholds part of their payment and pays it directly to HMRC. The sub-contractor then offsets these withheld payments with their tax liability.

Contractors in building industry have the obligation to find out if their subcontractors are part of the scheme before they engage them. If they are part of the scheme they must withhold part of the payment required by HMRC and submit a monthly return detailing the amount withheld. Each month they must also pay the amounts withheld to HMRC.

We help all contractors their monthly returns to ensure they are accurate to avoid any fines or penalties. We also help all subcontractor to ensure that all amounts withheld from them are declared and that ALL these payments are used to reduce their tax bill.

Comments are closed.