Construction Industry Scheme – CIS With Smooth Feathers Accountants

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Construction Industry Scheme CIS

• With Smooth Feathers Accountants

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Introduction

• The CIS sets out the guidelines as to how payment
  to subcontractors should be handled by
  contractors in the construction industry.
• Our team can manage your monthly returns and
  records under the CIS rules leave all your CIS
  worries to us and you just need to concentrate on
  your core business actions. Thats a promise!

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What you must do as a CIS contractor?

• As a contractor, you need to enroll yourself
  under the scheme, ensure whether your
  subcontractors are registered with HMRC, paying
  your subcontractors and putting forward the
  monthly CIS Returns.
• Register yourself as a contractor if
• You pay subcontractors for construction work
• Your business is not directly involved in
  construction work but you spend well above than
  1 million a year on construction work in a
  3-year period.
• You may be a sole trader or run a partnership or
  own a limited company.
• Well take care of all the rules you must follow
  being a contractor like filing monthly returns,
  and safe keeping CIS records, making deductions
  from subcontractors payments for HMRC, business
  changes, etc.

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What you must do as a CIS subcontractor?

• As a subcontractor, it is a must for you to
  register with HM Revenues Customs (HMRC). You
  can then get your tax slashed from your earnings
  as per the rate on your status.
• You need to register for CIS if you work for a
  contractor and is
• Self-employed
• Limited Company owner
• Runs a partnership business
• A contractor makes 20 cut from your payments and
  passes it to HM Revenue and Customs (HMRC). These
  pay cuts count as advance payments for your tax
  and National Insurance bill.
• In case you do not register for CIS, contractors
  must cut 30 from your payments. You can also
  apply for Gross Payment Status if you dont feel
  like making advance payments.

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Work Area Covered Under CIS

• CIS pans to major construction work for
• A temporary or permanent structure
• Civil works like road bridge construction

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CIS Construction work includes

• Site prep like foundation laying and giving
  access works
• Demolition and Dismantling
• Building related work
• Repairs, alterations, and decoration
• System installation for heating, lighting, power,
  water and ventilation
• Cleaning work inside the buildings after
  construction work

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Exceptions You dont need to register if you
belong to

• Architecture and surveying
• Scaffolding work
• Carpet fitting
• Materials used in construction industry like
  plant and machinery
• Material delivery

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Our CIS Services for contractors

• Advice on Planning Registration with HMRC
• Online filing of monthly CIS Returns
• Coupling or balancing CIS deductions with monthly
  PAYE cuts payable
• Verify your subcontractors with HMRC
• Producing monthly payment certificates of
  subcontractors

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Our CIS Services for subcontractors

• Identify your status as an employee or a
  subcontractor register you with HMRC
• Administer and sort your business records
• Ready your end year self assessment tax return
  and estimate your tax liability/ refund as
  applicable
• Let us take care of the registration rules,
  monthly returns and records. Enjoy the peace of
  mind with us!

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THANK YOU
www.smoothfeathers.co.uk