The Construction Industry Scheme (CIS) is a HMRC initiative that governs how payments to subcontractors in the construction sector are handled. Under the scheme, contractors are required to deduct tax at source from subcontractor payments and pass it on to HMRC. This helps ensure the correct amount of tax is paid throughout the year.
CIS applies to a wide range of construction activities, and both contractors and subcontractors must register with HMRC to stay compliant.
Accountants play a crucial role in managing the financial and compliance aspects of the Construction Industry Scheme (CIS). We help ensure both contractors and subcontractors fully understand their obligations under the scheme.
Our services include accurately calculating the deductions from subcontractor payments, maintaining up-to-date records, and ensuring any CIS suffered is correctly claimed and allocated. This helps keep your business compliant and your records in order.