Need help with your CIS?
You have a great team. When a construction site needs prepped, when an old site needs a round of demolition, your contact list comprises all the best workers, ready whenever you call.
The work you do requires all the right tools, good professionals, the proper uniforms. Did you know it also means you have to get a CIS accountant?
Your contractor business falls under the Construction Industry Scheme (CIS), in the UK. Created to help you hire and pay subcontractors, CIS comes with its own set of rules and expectations.
Now you, the boss, needs to get a new great tool for your work — a CIS accountant.
What is a CIS Accountant?
Specialised professionals familiar with the regulations of CIS and a thorough understanding of your field is a CIS accountant. These individuals have a specialty that lets them specialise in more than money, they can speak your language out at the site or back in the office.
CIS guidelines also dictate hiring practices, who qualifies as a contractor and subcontractor, how much a firm has to earn to determine their CIS Status, the list goes on. Once you hire a CIS accountant, you can put the burden of understanding all these rules and regulations, (and their subsequent expenses), in capable hands.
That lets you get back to running your business and making your money.
What Our Clients Say
What we do for you
We will ensure that you are registered with HMRC and verify you with HMRC on behalf of your contractor
We will, organise and manage all of your business records which includes your Bookkeeping and Annual Tax Return
We will send the accounts and tax returns over to you to check over and sign off. We will then submit your accounts to HMRC
A Sample CIS Calculation
Imagine you’ve got a great new job on a site. The company you found to do all the prep is one you’ve wanted to work with for a long time and cannot wait to get going.
However, it’s on you to figure out what has to get paid to HMRC. You have your VAT registration, so you sit down and work out the maths.
Labour £500 + VAT £100
Materials £200 + VAT £40
Total invoiced is £700 + VAT £140
Now, how much do you owe the government? You likely have some idea already, but you need to get it right, so you turn to a CIS accountant.
Your accountant dives into the numbers and states, “You have to pay £100 to HMRC and the subcontractor gets £740.”
How did they come up with that?
Here’s a breakdown:
Gross amount–£700–this is the total amount invoiced, minus VAT.
Qualifying materials–£200–again, this is not including VAT.
CIS tax to deduct–£100–This is taken from the gross amount of £700 less the materials of £200. That leaves you with £500, which gets multiplied by the CIS tax rate of 20%.
So, the ultimate figure is £100 CIS tax to deduct. Thank goodness you had a good CIS accountant, so you didn’t overpay or under report your figures.
CIS accountants keep business owners like you moving forward and working the right way. Once you add the right specialist to your team, you can keep making visions a reality and feel confident that your money is moving to all the right people.
Don’t waste another day and contact us to find the best CIS accountant for you!
Need some more information?
Book a free consultation today!
A member of our friendly team will be in touch to discuss your needs & requirements