Construction Industry Scheme (CIS):
In terms of compliance pitfalls in the Construction Industry Scheme (CIS) a contractor should report to HMRC monthly basis, of all subcontractors he has paid in the payroll month. He/she is additionally accountable for substantiating whether each subcontractor receives the payment gross, or if the contractor should make direct tax deductions from each payment, and forward that on to HMRC.
We ensure compliance and filing of accurate CIS returns for contractors and construction industry workers. We understand that non-compliance can result in hefty penalties and correcting errors could be time-consuming.
The services we offer to contractors are
Registration of CIS contractors/sub-contractors and advise on CIS regulations
Verification of CIS subcontractors working for you
Submission of monthly CIS returns for CIS tax deducted on your subcontractors
Submission of monthly EPS to HMRC for CIS tax suffered
Liaise with HMRC to ensure the correct CIS tax refund is issued
Advise on VAT within the construction industry and its interaction with CIS, including the domestic reverse charge VAT
Prepared accounts and tax returns for contractors and subcontractors.
From an accounting point of view, WIP is the value of work at a given point in time that an entity has completed, but not invoiced. For example, if the entity has one project, worth £10,000 in total, and is halfway through it, in simple terms the WIP would be £5,000. However, accounting for WIP involves complex calculations to be undertaken to hit a correct WIP figure, and match prices accordingly.
Our industry specialist accountants facilitate and navigate issues on WIP and provide recommendations on all aspects; from the most effective way to purchase, rent equipment, to what prices are allowable for tax purposes and the way to reduce tax liabilities.
Require more information?
If you would like more information or would like to speak to us, then call us on 0208 050 4073 or contact us.