CIS is the part of the tax system for the Construction Industry. It affects both Contractors and Subcontractors.
At Cheadles, we can complete your monthly CIS300 return on your behalf and verify any new subcontractors. Based on the information you provide, we prepare the monthly return to submit to HMRC before the filing deadline, to avoid the substantial late filing HMRC penalty. We then write to you with the subcontractors monthly total tax liability due to HMRC.
We also provide you with the legal documents you give to your subcontractors called Payment and Deduction Statements.
We can also supply contracts specific to the Construction Industry to help protect you and your subcontractors.
If you complete work for a contractor they will deduct CIS tax from your invoice, and issue you a Payment and Deduction Statement to validate this tax deduction.
If you have a payroll scheme we can offset the tax suffered against any PAYE liability due and notify you of the difference which is payable to HMRC. If you are due a refund, we request this from HMRC at the end of the tax year.
If you don’t have a payroll scheme, we can review if you have paid too much tax at the end of a tax year, and then request a refund from HMRC, once we have submitted your company or personal tax return.
We offer the same services as above, however we can offset the tax you suffer as a subcontractor to reduce the tax payable to HMRC as a Contractor. This can ease any cash flow issues you may have.
Please give us a call if you require assistance with Construction Industry Tax.Get In Touch