Contractors need to register for CIS before engaging a subcontractor whilst subcontractors need to register before starting work for a contractor.
Contractors must
- verify every subcontractor with HMRC
- pay each subcontractor making the correct deduction
- pay over deductions to HMRC
- give each subcontractor a deduction statement
- submit monthly returns to HMRC
- keep proper and adequate records
Subcontractors must
- obtain a deduction statement from the contractor
- retain the deduction statement
- keep proper and adequate records
Our firm provides a comprehensive CIS service for contractors and subcontractors.
For contractors our services include
- preparing the monthly deduction statements for each subcontractor
- submitting the monthly returns to HMRC
- filing the monthly Employer Payment Summary
- applying for CIS refund after the tax year end
For subcontractors we
- prepare your annual income statement
- calculate your tax refund
- file your self assessment tax return
So don’t delay, contact us now to request more information or arrange a meeting.
For more information about trading styles visit our pages on sole traders, partnerships and limited companies.