We are the best CIS Sub Contractor Accountants based in London
We are specialist CIS Subcontractor Accountants in London, Within the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s pay, which is then passed onto tax authority, HMRC. The CIS deductions are balanced off in the tax payers’ return at the end of the tax year and there may be a refund or additional tax to be paid after taking into to consideration the CIS advance payments.
How CIS Scheme Works?
It is mandatory for contractors to register for the CIS scheme.
Subcontractors have a choice not to register, but CIS deductions are taken at 30% rather then 20% from their pay if they have not registered.
How we can help?
There rates vary from 0-30% this will depend on the eligibility of the subcontractor. The purpose of CIS is to reduce tax evasion in construction industry, as this method takes tax in advance and ensures subcontractors register for self assessment. The process is complex and requires handling the expertise of CIS specialists in order to ensure that the process is prepared and filed correctly..
For more information on CIS subcontractor accountancy services, contact GM Professional Accountants