CIS Accountant

AH Accountancy - Services - CIS Accountant

CIS Accountant

Helping clients remain compliant with the tax deduction scheme known as CIS

The Construction Industry Scheme (CIS) refers to payments made in regard to contractors and subcontractors. If you work in the construction industry, you may have to pay tax under this scheme and pass payments on to HMRC.

If you are a contractor, you will need to meet specific obligations on a periodic basis. This can include paying subcontractors, deducting tax, and submitting monthly returns to HMRC. You will also face obligations if you are a subcontractor working under a contractor in the construction industry.

  • Registration Support
  • Monthly Statements
  • CIS Deductions
  • Self-Assessment

Do I need to register for CIS?

If you pay subcontractors for construction work you will need to register with HMRC. If you work for a contractor you will need to register as a subcontractor.

To check whether you need to register as a contractor, you can follow this 2-step test:

  • You pay subcontractors for construction work
  • Your business does not do construction work but you have spent more than £3 million on construction in the 12 months since you made your first payment

If either of these applies, you will need to register with HMRC.

Contractors face certain obligations under the Construction Industry Scheme. They will need to register with HMRC, check if their subcontractors are registered with HMRC, pay these subcontractors, deduct tax from the payments, and finally, submit monthly statements containing information from above.

As a CIS accountant, we can help you meet these obligations in a timely fashion, and ensure all information submitted is accurate for HMRC.

Operating as a subcontractor means your main obligation is to register with HMRC. You will need to update them with any new information as you go forward. This can be anything from a change in business name, to a change in address or business partner.

You will also need to produce a Self-Assessment Tax Return each year to calculate any tax liabilities (or refunds) due.

We can help you with the entire process. Supporting you through registration and making sure your tax liability is calculated correctly.

As a contractor, you will need to submit monthly statements to HMRC notifying them of any payments you have made. If you miss the deadline or fall behind with payments, penalties will be incurred.

These penalties can quickly multiply if left unchecked. So it is important to make sure your returns are filed on time and efficiently each period.

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