CIS Returns
At Digital Accounting, we provide dedicated support to both sole traders and limited companies engaged in the construction industry. Our expertise extends to handling all aspects of the Construction Industry Scheme (CIS), from administration and payroll, to minimising tax liabilities, we ensure every aspect of CIS is managed efficiently.
What is the Construction Industry Scheme (CIS)?
The Construction Industry Scheme (CIS) is an HMRC initiative designed to minimise tax evasion within the UK construction industry. Under CIS, contractors deduct money from the payments made to subcontractors, which are then passed directly to HMRC as advance payments towards the subcontractor’s taxes and National Insurance contributions. Both contractors and subcontractors must register for the scheme before commencing work. This system ensures that taxes are collected efficiently and helps protect subcontractors from false employment practices, providing a streamlined approach to handling and reporting tax deductions within the construction sector.
Expert cis services
At Digital Accounting, we offer comprehensive services tailored specifically for construction companies and subcontractors to ensure seamless compliance with HMRC requirements under CIS.
Registration as a contractor
We handle the initial setup and registration for construction companies as contractors within the CIS framework, ensuring all legal and regulatory requirements are met.
Verification of subcontractors for contractors
To maintain compliance and streamline operations, we assist in verifying subcontractors, ensuring they are registered and approved to work under CIS regulations.
Registration of a subcontractor
We facilitate the registration process for new subcontractors, helping them meet the mandatory requirements to work under CIS.
Preparation and submission of monthly CIS returns
We take responsibility for the monthly preparation and submission of CIS returns, guaranteeing that all filings are accurate, complete, and submitted on time.
Subcontractor payment and deduction statements
Our team meticulously manages and processes payment and deduction statements for subcontractors, ensuring accurate and timely documentation that aligns with HMRC directives.
As part of our Tax Planning services at Digital Accounting, we also specialise in VAT planning for the construction sector. VAT complexities in construction vary significantly based on the specific nature of the work being undertaken, presenting a challenging landscape for management. Our team is thoroughly equipped to navigate these complexities, providing you with detailed planning and strategic guidance. We ensure that your construction business effectively adheres to VAT regulations while maximising all available reliefs. Our goal is to simplify VAT compliance for you, allowing you to focus on your business with the confidence that your financial responsibilities are expertly managed.
Are you looking for an expert accounting firm to handle your accounting and CIS returns? Contact Digital Accounting today for a free consultation!