We provide you with the following:
- Your dedicated expert
- Umlimited support
- Filing your returns
- Production of CIS Docs
What is CIS tax?
CIS is applicable to those involved in construction industry. If you are a contractor, you are required to deduct CIS tax from your subcontractors and submit CIS return to HMRC. If you are a subcontractor, you will need to complete a tax return and claim a refund. We provide sercices to both the contractors as well as subcontractors.
If you are a contractor in the construction industry, then HMRC requires you to submit a monthly return by the 19th of each month. The purpose of the return is to give an idea of the tax deducted from your subcontractor, by you and thus provides HMRC with an estimate of how much should be collected from you.
Unfortunately, the penalties for late submission are high, being up to £100 per day, with more penalties being imposed with further delay. It is therefore, advisable to have a professional in place to make these submissions timely, on your behalf, in order to avoid any of these unnecessary costs.
In the event of us doing it for you, we provide the following services inclusive in our special CIS package:
- Verification and addition of your sub-contractors
- Payment processing and preparation of deduction statements
- CIS Returns submission
- Email reminders to remind you of the Returns well before the deadline
- Representing you to HMRC in the event of an enquiry
- Correspondence with HMRC on your behalf
- Unlimited support throughout
How does it actually work?
If you choose us to act for you as agents, we request you to provide us with certain information about your business and subcontractors. We then get the things ready for you ion order to make the submission of reurns, a smooth and convenient process for you.
Once you reply our monthly reminder with subcontractor payments each month, weprepare a summary/draft of how much you to HMRC as a result. Once you have approved the draft CI Return, we then make the submission on your behalf to the HMRC every month.
How much for all this?
Within our CIS package, we charge around £3 per statement per contractor. So if you have around 8 contractors, our monthly fee would only be £24 per onth and £288 per annum, with unlimited support and advice on various relevant issues throughout the year.