You may be aware of the reporting requirements if you already work as a subcontractor and the Construction Industry Scheme (CIS) rules apply to you. Under this scheme your contractor deducts the basic rate of tax from your gross income and pays that tax to HM Revenue & Customs (HMRC) on your behalf. The tax deducted at source by your contractor stays in your account with HMRC and is taken into when you submit a tax return at the end of a tax year. Once you have submitted your tax return at the end of the tax year, you will either pay additional tax or get a tax refund (rebate) depending on whether you have underpaid/overpaid your tax.
Depending on your circumstances and the nature of work you are carrying out, there may be a possibly that your income or expenses are not reported correctly. This will not only result in tax being paid on the incorrect profit but also risk investigation from the HMRC. We look into your records, ensure income and expenses are correctly reported and your tax is correctly calculated. We aim to submit tax returns to HMRC well before the deadlines to avoid late penalties and interest.
We also provide most of the services you may need as a CIS contractor such as, yearly accounts and tax returns, CIS returns, VAT returns, payroll and other accounts or tax related services.
Please contact us for more information or to get a fee quote.