Best CIS Accountants West Midlands help you with CIS Accountancy and Tax Returns
Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractors payments, which is then passed onto HM Revenue and Customs (HMRC). The deductions count as advance payments towards the subcontractors tax and National Insurance.
Will CIS apply to you?
- Contractors must register for the scheme.
- Subcontractors dont have to register, but deductions are taken from their payments at a higher rate if theyre not registered.
- Subcontractors or those deploying services of subcontractors for construction works are liable for tax assessment under the Construction Industry Scheme (CIS). As a subcontractor one needs to be verified by the principal contractor.
- It will apply to you as well even if your core activities are not construction, but you spend a good deal on construction annually. For example, CIS may apply also to non construction companies such as housing associations, local authorities etc. spending more than �1 million a year on construction operations
- This scheme also applies to labor agencies, property developers and gang leaders.
CIS Taxation rates, and why you need the help of our CIS
There are as many as three rates for the subcontractors that come in the range of 0%-30% depending on the category to which the subcontractor belongs. While CIS aims at minimizing the tax evasion in construction industry the aim of the tax payer will always be reduction of tax amounts as much as permissible legally. Tax calculation and especially CIS tax assessment is a complex process and requires handling by experts, in order to ensure that you are not burdened with exceptionally heavy taxation.
What can our CIS Accountants do for you?
- We at 3M Accountants offer numerous taxation related services of which, CIS taxation constitutes one of the important elements. Our highly experienced team of taxation experts will handle all cases with ease and convenience.
- We will keep your records and books updated with the latest regulations for your sector and amendments for your interest and will develop a tax plan specially designed for you, that will allow you to save money by minimizing your tax liabilities.
- Through our tax planning designed for each business we guide our clients step by step in getting the highest possible taxation discounts, easing the financial burden of their business.
- For instance; a subcontractor that has not been verified and is not VAT registered may have to pay as much as 30% of their payables in form of CIS taxes. Verification and VAT registration can reduce this to 0% on CIS.
- Furthermore, since taxation is closely related to getting rebates, our tax attorneys will work consistently on ensuring that the client gets available rebates. For instance; a client working primarily on CIS related jobs will also have tax rebated on his or her annual tax payments.
Why our CIS Accountants Services?
- There are numerous service providers in the industry offering these services but with our unique approach we stand out in the crowd.
- With our forward thinking and deep foresight on all CIS and other tax related issues, we can support our clients in an excellent manner getting them the best benefits in the bargain.
- All our actions are aimed at giving our valued clients best benefits in the most professional manner ensuring quality work, support, and expert knowledge whenever you need it.
- Accordingly we have also kept our cost structure unique focusing on task we accomplish. We work to relieve our clients tension, not to add to it.