CIS Accountants for Subcontractors and Contractors

If you are a subcontractor

Contractors deduct tax from your payments before you receive them, usually 20% if you are registered under CIS, and 30% if you are not. Those deductions are payments towards your tax bill, not your final tax. Because they are taken from your gross payment with no allowance for your expenses or your personal allowance, a great many subcontractors have paid more than they owe by the end of the year.

That is why a properly prepared Self Assessment return often produces a refund. We work out what you actually owe, set your CIS deductions against it, and claim the difference back.

If you are a contractor

• Verifying subcontractors with HMRC before you pay them
• Applying the right deduction rate
• Filing monthly CIS returns by the 19th of each month
• Producing deduction statements for your subcontractors
• Keeping the records HMRC expects to see

Monthly CIS returns carry penalties for late filing that mount up quickly, and they apply even for a nil return. If you have fallen behind, tell us. It is usually more fixable than people expect.

Getting your deductions right

Keep every deduction statement you are given. If statements are missing we can often reconstruct the position from your bank records and invoices, but it is slower, and the more complete your paperwork the better the outcome.