BOOKKEEPING & ACCOUNTING SERVICES

 

CONSTRUCTION INDUSTRY SCHEME (CIS)

 

Do you enjoy running your own business, but find managing your accounts and paperwork a chore you could do without?

If you are a contractor, you will need to submit monthly CIS returns.

If you are a contractor, you will need to register subcontractors and submit monthly CIS returns showing your deductions for that period. There is a process that needs to be undertaken when taking on a new subcontractor

 

1.  Collection of the sub contractor’s registration details. Depending on how they have registered this could be either:

              • Name
              • NI Number
              • UTR Number
                OR
              • Company Name
              • Company Number
              • Company UTR

2.  Verify them as subcontractor online. If they have registered, you will need to deduct 20% from their pay. If they are not registered, you will have to deduct 30%. They may have gross status, in which case you do not need to deduct anything. Deductions are taken for their labour only.

3.  Pay them the correct amount on receipt of an invoice. Remember the relevant deduction.

4.  After the 5th of the month, you will need to file a CIS return. Both return and corresponding payment need to be submitted by the 19th of the month.

5.  After submitting your return, you are required to send deduction statements to each of your subcontractors.

 

2.  Verify them as subcontractor online. If they have registered, you will need to deduct 20% from their pay. If they are not registered, you will have to deduct 30%. They may have gross status, in which case you do not need to deduct anything. Deductions are taken for their labour only.

3.  Pay them the correct amount on receipt of an invoice. Remember the relevant deduction.

4.  After the 5th of the month, you will need to file a CIS return. Both return and corresponding payment need to be submitted by the 19th of the month.

5.  After submitting your return, you are required to send deduction statements to each of your subcontractors.

 

CIS

Don’t fancy doing all of this yourself? This is a service that we can provide for you. We can verify subcontractors, complete your CIS returns and produce and send deduction statements for a fixed monthly fee.

Included within our service: 

  • Addition of subcontractors
  • Subcontractor verification
  • Completion of monthly CIS returns
  • Production of deduction statements for subcontractors
  • Delivery of deduction statements directly to subcontractors

0-5           Subcontractors            £35 per month
6-10         Subcontractors            £65 per month
11-20       Subcontractors            £125 per month
Over 20   Subcontractors            £ price on quotation

You will need to:

  • Register with HMRC as a Contractor
  • Provide us with your UTR Number and registration details
  • Provide subcontractor details on a monthly basis (we will advise you of the required information and send you reminder that it is due) 

Remember: Even if you do not pay any subcontractors, you still need to submit a Nil return.

CIS

Don’t fancy doing all of this yourself? This is a service that we can provide for you. We can verify subcontractors, complete your CIS returns and produce and send deduction statements for a fixed monthly fee.

Included within our service: 

  • Addition of subcontractors
  • Subcontractor verification
  • Completion of monthly CIS returns
  • Production of deduction statements for subcontractors
  • Delivery of deduction statements directly to subcontractors

0-5  Subcontractors  £35 per month
6-10  Subcontractors  £65 per month
11-20  Subcontractors  £125 per month
Over 20  Subcontractors  £ price on quotation

You will need to:

  • Register with HMRC as a Contractor
  • Provide us with your UTR Number and registration details
  • Provide subcontractor details on a monthly basis (we will advise you of the required information and send you a reminder that it is due) 

Remember: Even if you do not pay any subcontractors, you still need to submit a Nil return.

Please feel free to contact us to discuss how we can help you.

 

We are based in Church Crookham, Hampshire and cover approximately a 5 mile radius in which are able to visit your premises. We also work remotely and help the majority of our clients via this method. Call us on 07921 216575 or use the contact form below.