This is a serious of regulations and a quirky tax that is specific to workers within the construction industry.
Contractors: As a contractor, you are required to meet specific obligations under the scheme, including registering with HM Revenue and Customs (HMRC), checking whether your subcontractors are registered with HMRC, paying subcontractors, deducting tax and submitting monthly statements confirming these payments.
Subcontractors: If you are a subcontractor, your main obligation is to register with HMRC. You must also keep HMRC informed of any changes to your business such as changes to your business address, business name, business partners and other relevant information.
Below are 7 major reasons why P&K Associates is the accountant you should choose:
Advise you on your status
- Advise on whether your subcontractors fall into the subcontractor or employee status (or both)
- Verify them on your behalf with (HMRC)(if needed)
- Keep your records in good order
- Provide you with CIS compliant Payroll
- Supply deduction statements to the subcontractors
- Keep your records in good order and supply HMRC with monthly returns
- Prepare your end of year self-assessment tax return and calculate your tax liability / refund where applicable
Require more information?
If you would like more information or would like to speak to us direct then call us on 020 8958 8883. Or if you would prefer, ask us a question online.