Specialist Accountants for CIS industry in London
CIS stands for “Construction Industry Scheme” and is introduced by HMRC that dictates contractors to withhold tax for certain constructions contracts unless subcontractors are registered to receive the gross payments. Under the CIS scheme, contractors deduct money from a subcontractor’s payments and pass it to HMRC, which serve as advance payments towards the subcontractor’s tax and national insurance. This needs to be done every month, and contractors who fail to comply can face hefty fines. If you are in the construction industry, whether you are a subcontractor or a contractor, you have certain obligations to meet. You may be unsure of what you need to be doing to stay compliant, our qualified expert tax advisors and accountants are here to assist you in every stage of the compliance process.
How to register for CIS
In order to register for the Construction Industry Scheme (CIS) you’ll need:
- your legal business name – you can also give a trading name if it’s different to your business name
- your National Insurance Number
- Your unique taxpayer reference number (UTR)
- your VAT registration number (in case you are VAT registered)
If you’re a subcontractor and a contractor (you pay subcontractors to do construction work), you’ll need to register for CIS as both.
CIS Sole Traders
Depending on your level of income and circumstances, it may be beneficial to operate as a sole trader in the CIS industry. Being a sole trader you will have to claim all legitimate expenses, compute the tax and submit a tax return.
Our specialist team of Chartered Accountants can ensure you pay only the right amount of tax and help grow your business.
CIS Limited Company
Our construction industry clients in Ealing, London take as much money as possible through Personal Service Company (PSC) or Limited Company. Our professional Chartered Accountants provide specialist accounting and tax advice to maximize their income.
Benefits of CIS company
- You can take money out of business using more tax-efficient ways.
- Your monthly deduction will be only 20% as opposed to 30%.
- You can claim for all tools and equipment expenses for your construction work and tax reliefs.
- Opportunity to apply for gross payment status. You can have the additional payment benefits of a limited company.
- You can enjoy tax relief on pension contributions.
How do we help our clients
We offer high-quality services to businesses in the Construction Industry Scheme (CIS).
We serve our clients by offering them a dedicated Account Manager who ensure that they get the best accounting service and tax advice.
We use award-winning cloud-based software to produce accurate and transparent accounts.
CIS is a complex area where we ensure, our clients pay only the right amount of tax. For this reason, we have Specialist Chartered Accountants and Tax Advisors who have several years of experience in this particular field.
We also offer all our client to access our online software to help them raise CIS invoices.
We provide an extensive range of services to cover all your CIS requirements for example;
- To register you as a subcontractor/contractor (or both).
- To help you with the application of ‘Gross Payment Status’.
- To prepare CIS returns for contractors.
- To prepare the tax returns for subcontractors.
- To help reclaim their CIS deductions.
- To keep you up to date with any changes to the scheme.
- Ensure you pay the correct amount of tax and reclaim the right amount of tax.
Our clients are receiving professional services for Bookkeeping, corporation tax, Payroll, VAT returns, Tax Returns and Accounts Production. We send timely reminders to our client so that they stay on top of meeting the statutory HMRC and Companies House deadlines.
Our clients are provided tax planning services by our professional Qualified Chartered Accountants and Tax Advisors.
- Business Startups
- Company Formation
- Company Accounts
- Corporation Tax
- PAYE & RTIs
- Value Added Tax (VAT)
- Online Accounting
- Self Assessment Tax Returns
- Tax Planning
- Capital Gain Tax Planning
|Businesses (Basic)From £79/month||Businesses (Recommended)From £99/month|
|Free company formation||√||√|
|Dedicated Account Manager||√||√|
|Tax planning throughout the year||√||√|
|Annual Return filing||√||√|
|Filing accounts to Companies House||√||√|
|Tax returns to HMRC||√||√|
|Monthly Payroll & Submission of RTI||√||√|
|Unlimited face to face meetings||√||√|
|Access to software to raise invoices||√||√|
|Quarterly VAT returns to HMRC||–||√|