Construction
Do you need an accountant who understands CIS regulations and tax regimes within the construction industry?
If you are looking for an experienced accountancy practice with more than 20 years of specialist construction knowledge based in Sunningdale, Ascot Berkshire then look no further. You will have access to a Construction Specialist Partner with extensive construction accountancy experience and receive essential tax planning advice ensuring you and your construction business operate compliantly and tax-efficiently. We have helped local construction clients in Sunningdale, Sunninghill, Virginia Water and Camberley as well as in London due to our close proximity to the City and Canary Wharf. So whether you are an established home improvement, commercial fit-out company or a European multinational working on installation projects at UK power stations or commercial projects in London or across the UK, come and talk to us. You may have heard of some of our high profile client construction projects - Number One Hyde Park, The Shard and the Olympic Stadium!
As you know working as a contractor or subcontractor in today's Construction industry can be a minefield. If you are a contractor or subcontractor under the Construction Industry Scheme (CIS), you have a responsibility to comply with the rules which govern the Construction industry called the Construction Industry Scheme or face penalties and a possible tax investigation. Contractors in particular have a responsibility to register before taking on a subcontractor, pay subcontractors in the right way making any necessary deductions, issue subcontractors with deduction statements, pay over subcontractor deductions to HM Revenue & Customs, file monthly CIS returns as well as keep proper records. Did you realise if you are a contractor dealing with overseas subcontractors working on UK installations you are liable for non-compliance too?
Under the CIS rules, contractors and subcontractors must:
- Register as a CIS Contractor before taking on a subcontractor
- Check the subcontractor employment status is self-employed and not an employee
- Verify subcontractors with HMRC before paying them so you pay them in the right way - either gross or after making a deduction
- A Contractor must pay over deductions from subcontractor payments to HM Revenue & Customs
- File monthly CIS returns preferably online
- Issue payment and deduction statements whenever you pay your subcontractor
- Keep records of the gross amount, the deduction and the amount of any material costs exlcuding VAT for 3 years after the end of relevant tax year
The Taxman is cracking down on late and inaccurate CIS returns from contractors so file on time or risk automatic penalties. For penalty update click here
We have a wealth of experience advising businesses on Construction Industry concerns from established limited companies through to large companies, whether operating as principal contractors or subcontractors. Whilst you focus on running your business, we'll help you comply with the latest CIS rules and advise on how to register as a CIS contractor. We'll tell you what CIS records to keep, what to look out for when verifying and checking subcontractor employment status, when to file CIS monthly returns as well as how to make subcontractor payments & deductions; and how to issue payment and deduction statements.
We also have experience in advising and acting for international construction companies operating in the UK, having dealt with numerous applications successfully. As well as the construction industry income and corporate tax regulations, we can also guide you through the minefield of VAT regulations that affect the construction industry.
We also have clients who are based in the UK, but provide services abroad. These working practices may merit advice on VAT (both UK and overseas regulations), as well as PAYE considerations.
Whatever your requirements we would be happy to meet you.
