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Construction industry Scheme: Accountant Support

Discover expert CIS services to help contractors and subcontractors navigate the complexities of the Construction Industry Scheme. From registration to compliance, we ensure your business stays on track and tax-efficient.

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Who we help

  • Hospitality
  • Retail
  • Financial Services
  • Healthcare
  • Technology
  • Manufacturing
  • Construction & Property
  • Tradespeople
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Construction & Property

From specific government laws to payroll and cash flow, construction and property can be a complex industry to work in. But, it doesn’t have to be. Get in touch to see how we can support you, whether it's payroll or assistance with the Construction Industry Scheme, we are here to help.

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Manufacturing

Do you need support to keep your manufacturing business in the competitive landscape? We understand the unique needs of the manufacturing sector and we are here to help. Whether you need business advice or support with tax compliance, we can help.

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Tradespeople

Our Trades support team holds a full range of practical and advisory services. Supporting a company effectively requires understanding its unique business challenges and culture. We can only guarantee the best from our experienced experts. Contact us today to view our services and how we can optimise your business.

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Hospitality

In today's tough times, the hospitality sector is facing some of the most impacting challenges yet. Mastering the art of financial management is crucial for your business to thrive. We can help from payroll to business advice, Pulse Accountants provides the full service.

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Retail

Dedication is key in the retail sector, whether that means you, your employees, or the finance team. Our experts can be exactly that, and more. From cash flow to payroll, we are here to help you not only manage your profits but to maximise them.

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Financial Services

Are you a client affected by FCA regulations? We combine our expertise and our knowledge of the issues our clients in the financial sector are facing, to help them optimise their business while staying within regulations.

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Healthcare

Are you a business that is suffering from the impact that has been made on your finances? Our knowledgeable team is here to provide you with the support you need. Put your finances in the hands of an expert and watch your business grow to its full potential.

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Technology

The technology sector is ever-changing so you need an expert that can keep up with the fast-paced nature of the industry. Our tech specialists are here to not only meet your business needs but to exceed your expectations.

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Want to know more?

Find out more from the FAQ section at the bottom of the page or speak to one of our experts and they will answer any questions you may have.

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Everything you need to know about expert Construction Industry Scheme support

 

What is the Construction Industry Scheme (CIS)?

The Construction Industry Scheme (CIS) is a set of tax rules designed for contractor and subcontractor companies in the construction industry. It dictates how tax should be deducted from payments made to subcontractors for construction work. This system helps ensure that taxes are collected at the point of payment, making it easier for both contractors and subcontractors to meet their tax obligations.

 

Who does CIS apply to?

CIS applies to contractors and subcontractors in the construction industry. If you are a contractor running construction operations or a subcontractor working under a contractor, CIS will likely apply to you. It includes a wide range of construction work and activities, from building to demolition, and even decorating and landscaping.

 

What is the difference between a contractor and a subcontractor under CIS?

A contractor is a business or individual who hires subcontractors to carry out construction work. Subcontractors are typically self-employed individuals or businesses who work for contractors. The key difference is that contractors are responsible for deducting tax from payments made to subcontractors and ensuring that payments are reported to HMRC.

 

How do CIS deductions work?

CIS deductions are made by contractors from the payments they make to subcontractors. Depending on the subcontractor's tax status, deductions can be at 20% (standard rate), 30% (higher rate), or 0% (if registered with HMRC). These deductions are sent to HMRC, and the subcontractor can later claim them back when filing their tax return.

 

How do I register for CIS?

If you're a contractor or subcontractor in the construction industry, you need to register with HMRC for CIS. Contractors must register as a contractor, while subcontractors must register as a subcontractor. Registration can be done online through the HMRC website, and it's important to do so before beginning work to ensure that deductions are made correctly.

 

What are the benefits of being registered under CIS?

Being registered under CIS offers several benefits. Registered subcontractors have tax deductions at the standard rate (20%) rather than the higher rate (30%), which means less tax is taken from their payments. Contractors who are registered also avoid penalties for failing to comply with CIS regulations and can make the process of hiring subcontractors smoother.

 

What information do I need to provide for CIS registration?

To register for CIS, you'll need to provide your personal details, National Insurance number, and details about your business (if applicable). If you are a subcontractor, you may also need to provide information about your previous earnings and any previous history with HMRC to ensure the correct rate of deductions is applied.

 

Are there penalties for not complying with CIS?

Yes, there are penalties for non-compliance with CIS. Contractors who fail to register or make correct deductions from subcontractors' payments can face fines. Subcontractors who fail to register with HMRC could have tax deducted at the higher rate (30%). Ensuring you meet all the necessary CIS requirements helps you avoid these penalties.

 

Are there any risks of CIS for my business?

Failure to properly manage CIS can result in financial penalties, incorrect tax deductions, or delays in your tax return processing. Contractors may also face challenges if they hire unregistered subcontractors, as this could lead to higher deductions or non-compliance issues. It’s essential to stay on top of CIS regulations to avoid these risks.

 

How can you help me manage CIS?

Pulse Accountants can assist you with all aspects of CIS, from registration to ensuring the correct deductions are made. Our expert team can help you navigate the complexities of the scheme, ensuring compliance and helping you avoid costly mistakes. We can also support you with your tax returns and financial planning related to CIS.

 

How do I get started with CIS?

Getting started with CIS is easy when you have the right support. At Pulse Accountants, we can guide you through the registration process, help you understand your obligations, and ensure that you're complying with the CIS rules. Contact us today to get started, and we'll ensure you're on the right track from the very beginning.

 

To get started, contact us to discuss your accounting needs so we can begin planning the next steps.

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Book in some time with our friendly advisors to chat through any questions you have.

 

Phone: 

We’re available from 9am-5:30pm, Monday to Friday. Our offices are closed on Saturday and Sunday.

01325 522 123

 

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help@pulse-accountants.co.uk

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