All contractors operating in the UK, even if they’re based overseas, are required to register for the CIS and take deductions from subcontractors’ pay. These count as advance payments toward subcontractors’ tax and National Insurance contributions.
CIS accountants for contractors
Contractors are required to inform HMRC of the CIS tax deductions they make by filing a CIS tax return by the 19th of every month.
Accuracy on these returns is imperative, as mistakes can incur penalties of up to £3000. It’s also vital to file them on time; if you’re just one day late, you’ll be landed with a £100 fine.
As your specialist CIS accountants, we will:
CIS accountants for subcontractors
As a subcontractor: You need to complete self-assessment tax returns to inform HMRC of your earnings, expenditure, and the amount of CIS tax deducted by your contractor. By the end of the tax year, you’ll usually be due a refund.
As your CIS accountants, we will: