Tax reporting within the construction industry can be more complex than in other sectors. Page Kirk accountants can help navigate tax regulations, ensure accurate deductions and provide expert advice to optimise your tax position and compliance.
If you or your business operates within the construction industry, you may or may not have heard of the Construction Industry Scheme (CIS). HMRC requires all businesses who operate in this sector to register either as a contractor/subcontractor or, in some cases, as both. We’re here to help.
HMRC considers the following work to be included under the CIS:
If you or your business operates within the construction industry, you may or may not have heard of the Construction Industry Scheme (CIS). HMRC requires all businesses who operate in this sector to register either as a contractor/subcontractor or, in some cases, as both. We’re here to help.
HMRC considers the following work to be included under the CIS:
If you’re operating as a contractor and paying subcontractors for construction work, then HMRC require you to register as a contractor and you are obliged to meet specific obligations. This will include checking subcontractor HMRC registrations, deducting required tax amounts for HMRC and submitting monthly statements to confirm all payments. The complex administration and required understanding of this scheme can take up a lot of your valuable time, which could be better spent.
If you’re operating within the construction industry as a subcontractor, you are not required to register for CIS, but if you don’t, then contractors will deduct a higher percentage from your payment to HMRC. The standard rate will be deducted if you’re registered with HMRC. If, however, you are meeting all HMRC’s CIS requirements after one year of registering, then you will be able to apply for ‘Gross Payment Status’. This means no deductions will be taken from payments received from contractors.
Full range of trading options; self-employed, LTD, partnership etc
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Full range of trading options; self-employed, LTD, partnership etc
Expert, jargon-free advisors
Nationwide coverage and dedicated account manager
Training and proactive support
Simple and quick setup process
Specialist experience, knowledge and advice
The administration required in registering and arranging deductions can be complicated and time-consuming, but Page Kirk can complete all the necessary work on your behalf. We can ensure that you are working in the most tax-efficient way possible to ensure you don’t over-pay HMRC. At Page Kirk, our chartered accountants are experts in CIS returns and can provide you with all the advice you need, taking the hassle out of your HMRC obligations so that you can focus on getting contracts and getting paid in a way that is both convenient and tax-efficient.
From ensuring that you comply with your statutory requirements, to navigating the scaling-up of your business, through to effective profit extraction and dealing with your tax affairs, Page Kirk Nottingham accountants are here for you every step of the way
Page Kirk is a leading accountancy practice in Nottingham, but we service clients across the country, so wherever you are based, we can help. We will assign you an accountant to assist you in growing your business and improving its efficiency. Contact us to find out how we can help you today.
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