As a Construction Industry Scheme (CIS) contractor or employer, it is your responsibility to pay HMRC tax on behalf of your employees and subcontractors. This is also known as CIS returns.
The purpose of the CIS returns is to declare the payments you have made to employees and subcontractors. For the months where you made no payments to these individuals, you still must inform HMRC that no CIS tax return is due. You must inform HMRC and send your monthly returns by the 19th of each month. You could get a up to a £300 penalty if you miss the monthly deadline, or a £3,000 penalty if you give the wrong information.
If you are a CIS contractor or employer, you may want to outsource your CIS tax return services. With the tight tax return deadlines, you may find it easier to let our accountants handle the monthly responsibilities to ensure no penalty for late return is enacted. Our specialised payroll accountants can provide a GDPR compliant service which will help you to focus on growing your business.
Most cloud bookkeeping packages also provide their own payroll software solutions. Where possible, our payroll accountants will aim to use your company’s payroll software as we appreciate that this will be easier for you.
In addition to monthly CIS tax return submissions, we also provide other CIS services including:
Registration services with HMRC
Applications for gross CIS payment status
Assistance for the business owners looking to run their own payroll.
At striveX, our certified accountants can offer additional tax compliance services to business owners. To find out how we can help your business run smoothly, please see our list of services.
Convenience and care are our core strengths. By focusing our services around these principles we have developed long lasting relationships with our clients. See below for how.
We want our clients to have choice and so we use all the major accounting packages to help them work with the best solution for their business.
We want our clients to be stress free, so we meet at their premises, respond promptly to queries and accept calls out of normal working hours.
We want our clients to receive a technical service, so all our work is signed off by either a qualified accountant, chartered tax adviser or tax specialist.
Most importantly, we take interest in our clients as we love what we do. We encourage regular and open discussions to avoid focusing on standard compliance and spend more time discussing development of their businesses.
QuickBooks Ask The Expert – Rachel!
We were over the moon that Rachel was asked the host Ask The Expert, a daily series run by Intuit QuickBooks to help small business own ...