Sub Contractor (CIS) Returns
What are Subcontractor Returns?
Under the Construction Industry Scheme (CIS), businesses employing subcontractors must deduct tax from payments made to subcontractors and submit monthly returns to HMRC reporting the deductions made.
Why are Subcontractor Returns Important?
Failing to file accurate subcontractor returns on time can lead to penalties and interest charges for late payments. Ensuring compliance is crucial to avoiding unnecessary costs and business disruptions.
Additionally, businesses must provide a Payment and Deduction Statement to subcontractors each month in which payments are made, ensuring that they have a clear record of any deductions.
How Can Tunstall Accounting Help?
We can handle the accurate calculation of CIS deductions for you, preparing and submitting your monthly returns to HMRC. We can verify your subcontractors to ensure that you are deducting the correct amount of tax, along with helping to ensure that your records meet HMRC standards.
If your business has suffered CIS deductions, we can assist in reclaiming any tax due, where applicable.
Why Choose Tunstall Accounting?
With our extensive experience in construction accounting and tax compliance, we provide a straight forward, reliable and stress free service, which we can tailor to the unique needs of your business.
To keep you on track, we will send a monthly reminder, ensuring your CIS return is always filed on time.