The Construction Industry Scheme (CIS) demands contractors deduct 20-30% from every subcontractor payment and file monthly returns to HMRC by the 19th. Miss your obligations? Penalties and interest charges await.
The administrative burden is significant. Contractors must verify subcontractors, calculate correct deductions, maintain accurate records and file monthly returns. For businesses with multiple subcontractors, this becomes time-consuming and stressful alongside day-to-day operations.
A CIS accountant transforms this workload
Instead of managing complex paperwork monthly, you can focus on core business activities. They handle contractor registration, subcontractor verification, accurate record-keeping and ensure monthly reports are submitted correctly and on time.
Compliance stops being a worry
CIS accountants ensure you meet all obligations and avoid penalties. They supply deduction statements to subcontractors and stay updated with legislative changes so you don’t have to.
Accuracy matters more than you think
Poor record-keeping leads to incorrect deductions and inaccurate HMRC reporting, resulting in penalties. Professional bookkeeping forms the foundation of accurate CIS compliance.
Subcontractors win too
CIS accountants ensure correct deductions are made and help with tax efficiency. They assist with gross payment status applications, providing significant cash flow improvements. Tax obligations can be handled through year-end self-assessment returns, simplifying the process and improving financial control.
The value extends beyond CIS
Accountants provide broader tax advice, helping maximise tax efficiency while maintaining full compliance. The scheme aims to improve tax compliance and prevent avoidance, but professional help makes it actually manageable.
Need help with your CIS matters? Get in touch today.
